Economy

ASUU threatens strike, says FG reluctant to implement 2019 agreement

Published

5 years ago

May 23, 2019

Eric

The Academic Staff Union of Universities on Wednesday said that its members should not be held responsible if there is any disruption in the university system, as the Federal Government had not shown commitment to carrying out the 2019 Memorandum of Action.

The ASUU National President, Prof Biodun Ogunyemi, stated this at a briefing in Abuja, to give an update on the ongoing renegotiation with the government and to clear the air over the N25billion confirmed by the Minister of Education, Adamu Adamu, to have been approved for universities.

Ogunyemi said the N25billion was meant to be a part-payment of the Earned Academic Allowances and should have been released between February 15 and 28, 2019, as agreed. But this was not done.

He said, “Since information on the amounts mentioned in the media went round, the ASUU has been inundated with enquiries on the union’s perspective to the story.

“Funding for the revitalisation of public universities has for years been of very high priority to ASUU.

“Reaching an agreement with the Federal Government has often been a frustrating journey for our union. It is often marked with protests, strikes and requires a conscious and focused engagement. The 2001 agreement, which gave birth to the 2009 agreement, was not an exemption. The exception here is the personality leading the government negotiation team.

“The current leadership of the government team clearly lacks the academic disposition and humility needed to undertake such task.

“Our members enjoy their work and hate to see any disruption in the smooth running of our universities. However, the level of frustration occasioned by the lackadaisical attitude of the government towards meeting the terms of the 2019 Memorandum of Action that was freely signed with our union is increasingly becoming unbearable.

“We, therefore, call on all Nigerian patriots, parents and students including the Nigeria Labour Congress to prevail on the government to keep to the terms of our agreement. Otherwise, our union should not be held responsible for any disruption in the system.”

Economy

Naira Makes More Recovery, Sells at N1,453/$1

Published

4 weeks ago

March 22, 2024

Eric

The Naira continued its appreciation at the official market on Thursday, March 21, 2024 to close at N1,453.28/$1, according to data from the Nigerian Autonomous Foreign Exchange Market (NAFEM).

This represents an appreciation of N39.33 when compared to the N1,492.61/$1 it closed on Wednesday, March 20, 2024.

The intraday high was N1,598/$1, while the intraday low was N1,300/$1, representing a wide spread of N298/$1.

Similarly, the Naira appreciated against the dollar at the parallel window to trade at N1,500/$1, this represents an appreciation of N20.00 as against the N1,520 /$1 it traded the previous day.

The Naira also appreciated slightly against the British Pound to trade at N2,000/£1 as against the previous trading day’s price of N2,020/£1 representing a gain of N20 for the local currency.

The Canadian dollar, however, closed flat against the naira to trade at N1,270/CA$1 same as the N1,270/CA$1 it traded the previous day representing a decline of N20 in the local currency.

The Naira gained N30 against the Euro to trade at N1,670/€1 as against the previous closing price of N1,700/€1.

Economy

Naira Gains Against Dollar, Trades at N1,603/$1

Published

1 month ago

March 13, 2024

Eric

The Naira, Tuesday continued its recovery against the American dollar as it traded at N1,603.38/$1, data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) window has shown.

This represents a gain of N15.48 when compared to the N1,617.96/$1 it closed on, on Monday, March 11, 2024.

The intraday high was N1,637/$1, while the intraday low was N1,425.35/$1, representing a lean spread of N211.65/$1.

Meanwhile, the Naira gained N12 against the dollar at the parallel market as the local currency appreciated to N1,603/$1 as against the N1,615 /$1 it traded the previous day. As it stands, the naira is trading at the same rate at both official and parallel windows.

The Naira, however, slumped against the British Pound to trade at N2,050/£1 as against the previous trading day’s price of N2,030/£1 representing a loss of N20 for the local currency.

After about two weeks of closing flat against the Canadian dollar, the naira slumped massively to trade at N1,300/CA$1 on Tuesday, representing a decline of N150 when compared to the N1,150/CA$1 it traded the previous day.

The Naira lost N35 against the Euro to trade at N1,740/€1 as against the previous closing price of N1,705/€1 representing a loss of N35 for the local currency.

Economy

Binance to Close Shop in Nigeria, Stops Transaction, Trading in Naira

Published

1 month ago

March 5, 2024

Eric

By Reuters – Binance will stop all transactions and trading in Nigeria’s local currency after March 8 amid a country-wide crackdown on crypto exchanges that have been blamed by authorities for feeding a black market for foreign exchange.

It will stop supporting withdrawals after Friday and any remaining balances in Nigerian Naira will be automatically converted into Tether – a stablecoin whose value is pegged to the U.S. dollar.

Last week, Nigerian authorities detained two Binance senior executives on undisclosed charges as part of the crackdown.

They were still in custody, their local lawyer said before a parliamentary committee on Monday.

Source: Reuters