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Business - Page 258

Naira Appreciates, Ends Week Positive Across Official, Black Markets

Exchange Rates For Dollar Increase Across Parallel, Official Markets

In the black market on Thursday, December 18, the naira depreciated against the United States dollar (USD) by 0.13 percent to N1,489.01/$1, from the N1,487.01/$1 reported on Wednesday, December 17. According to Naira Rates data, while the foreign exchange (FX) rate for

December 18, 2025

Minimum Wage Decision Expected as Nigerian Labour Leaders Await President's Response ABUJA, NIGERIA – The discussions on the new minimum wage between the Federal Government and Organized Labour are anticipated to conclude today, with labour leaders keenly awaiting President Bola Tinubu's verdict on their N250,000 proposal. The Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) had set a Monday deadline for finalizing the new minimum wage talks. Last Friday, the Tripartite Committee on National Minimum Wage concluded its meetings where the Federal Government and the Organized Private Sector agreed on N62,000, while Labour demanded N250,000. However, the Nigeria Governors Forum declared that any minimum wage exceeding N60,000 would be unsustainable. A labour leader who spoke anonymously on Sunday stated, "We have submitted the report to the president and are waiting for him to make his decision. That is the most important thing and that is what we are all waiting for." The labour leaders, including NLC President Joe Ajaero, are currently attending a labour conference organized by the International Labour Organisation in Geneva, Switzerland. The leadership plans to hold a National Executive Council meeting upon their return, where a decision on a potential strike will be made based on the president's feedback. "We must come back from Geneva first before we can hold a NEC meeting. We are also trying to be careful so the government won't say Labour is inciting citizens against it. We are waiting for the president's decision," added another top NLC official. The labour unions, comprising the NLC and TUC, recently embarked on a two-day nationwide strike to demand a new minimum wage and the reversal of the electricity tariff hike. The strike was suspended for five days after a commitment was made with the Federal Government to resume negotiations and establish a new minimum wage within a week. Following a six-hour meeting between labour leaders and the National Assembly in Abuja, President Tinubu directed the finance minister, Wale Edun, to present the cost implications of a new minimum wage within two days. The finance minister, alongside the Minister of Budget and National Planning, Atiku Bagudu, presented the cost implications at the Presidential Villa on Thursday. The president is currently reviewing the proposal and is expected to make an official announcement soon. When asked about the Monday ultimatum, a source within the NLC said, "We have sent a report to the committee and are expecting the president to act on it. We will hold a National Executive Council meeting regarding the ultimatum when we return from Geneva. It is very important for us to be there, but right now, we are patiently waiting for the decision of Mr President." Organized Labour's recent actions underscore the urgency and importance of establishing a new minimum wage for Nigerian workers. The outcome of President Tinubu's decision will be crucial in determining the next steps for both the government and the labour unions. Related News: Atiku claims to have saved Tinubu's political career Debating the appropriate wage for workers Labour criticizes governors for minimum wage stance The labour leaders and the nation await the president's decision, which will significantly impact the economic and social landscape of Nigeria.

Business·News

Minimum Wage: Deadline Looms As Nigerian Govt Debunks N105,000 Proposal

As the five-day ultimatum given by organized labor for the federal government to propose an acceptable minimum wage nears its end, negotiations remain at a standstill. The federal government has yet to present a proposal to the tripartite committee, causing frustration among

June 7, 2024

Moghalu Highlights How Trump’s Presidency Will Affect African Economies

Business·News

Heritage Bank: Badly-managed Banks Must Not Get Lifetime Guarantee – Moghalu

Former deputy governor of the Central Bank of Nigeria (CBN), Prof. Kingsley Moghalu, has stressed that banks, like other entities, are in business and liable to suffer the consequences of bad management.

June 7, 2024

NGX ASI Further Drops By 0.67%, As BUA Cement, Eterna Among Top Losers

Business·Markets·News

Equity Market Dips As Investors Offload Key Stocks

The Nigerian equity market experienced a downturn on Thursday, failing to sustain the gains from the previous day. The market declined by 0.15 percent by the close of trading, reflecting earlier predictions of a mixed week for the equities market. Investors were

June 7, 2024

Naira Ends Week With N30 Gain In Black Market: Hope For Naira?

Business·Markets·News

Naira Hits Lowest Level Of N1,488/$1 In 3 Weeks Amid Volatile FX Market

The naira depreciated to its lowest level in three weeks on the official market on Wednesday, June 5, 2024. Closing at N1,488.60/$1, the naira experienced a 0.78% drop from the previous day on the NAFEM window, according to the latest data from

June 6, 2024

Business·News

CBN Could’ve Saved Heritage Bank To Protect Depositors’ Funds – Economist

An economic analyst, Dr Wisdom Selekekeme Krokeyi, has stated that although the Central Bank of Nigeria (CBN)’s action of revoking Heritage Bank’s licence was in line with its mandate of ensuring financial stability in the system, it could have saved the bank

June 6, 2024

Business·News·Politics

Minimum Wage: Public Outcry As Senate Okays Over N60m Annual Salary For CJN, Supreme Court Justices

There has been an outcry by Netizens over Senate’s passage, on Wednesday, of a bill seeking an upward review of salaries, allowances and other fringe benefits of judicial officers in the country, including the Chief Justice of Nigeria (CJN) and Supreme Court justices.

June 6, 2024

Intra-Africa Trade: Nigeria Ranks Fourth, Follows South Africa, Cote d’Ivoire, Egypt

Business·News

Nigerian Govt To Suspend Import Duties On Food Items, Pharmaceutical, Others For 6 Months To Tackle Inflation

The Federal Government of Nigeria is set to implement a significant economic measure aimed at curbing inflation by suspending import duties on essential items for a period of six months. This decision, outlined in an executive order reviewed by Nairametrics, targets staple

June 6, 2024

Business·News·Oil & Gas

Investors Withdrawal Looms For 20 modular refineries Over Crude Oil Supply

Funding for approximately 20 modular refineries in Nigeria, by International financiers, may have been put on hold, due to uncertainties surrounding crude oil supply guarantees post-construction. According to industry sources, the financiers, crucial for advancing modular refinery projects, are hesitant to release

June 6, 2024

Nigeria's Stock Market Rises As Investors Target Undervalued Shares

Business·Markets·News

Nigeria’s Equity Market Sees First Gain Of The Week, Rises By 0.24%

Nigeria’s equities market recorded its first gain this week on Wednesday, as investors engaged in bargain hunting, pushing the market higher by 0.24%. This positive close came after two consecutive sessions of losses, despite some investors still having an unclear near-term outlook

June 6, 2024

Business·News·World News

Binance Fraud: Nigerian Govt Promises Fairness As US Lawmakers Fault Executive’s Detention

The Federal Government of Nigeria has affirmed its adherence to due process in the ongoing legal proceedings against the cryptocurrency platform, Binance and one of its top executives, Tigran Gambaryan. On 28th February, the government detained Nadeem Anjarwalla, a 37-year-old British-Kenyan and

June 6, 2024

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Dollar Trades Flat In Black Market, Appreciates In Official Window

The dollar traded at N1,487.01/$1 in the parallel market on

Venezuela Condemns Trump’s Threat, Pledges to Defend Sovereignty

The government of Venezuela has condemned what it described as

Bank of Japan Poised to Lift Rates to 30-Year High as Inflation Pressures Persist

The Bank of Japan (BOJ) is set to raise its

SEC Orders Full Registration of Tradable Instruments by January 2026

The Securities and Exchange Commission (SEC) has ordered all Capital

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Business - Page 258

Exchange Rates For Dollar Increase Across Parallel, Official Markets

Minimum Wage: Deadline Looms As Nigerian Govt Debunks N105,000 Proposal

Heritage Bank: Badly-managed Banks Must Not Get Lifetime Guarantee – Moghalu

Equity Market Dips As Investors Offload Key Stocks

Naira Hits Lowest Level Of N1,488/$1 In 3 Weeks Amid Volatile FX Market

CBN Could’ve Saved Heritage Bank To Protect Depositors’ Funds – Economist

Minimum Wage: Public Outcry As Senate Okays Over N60m Annual Salary For CJN, Supreme Court Justices

Nigerian Govt To Suspend Import Duties On Food Items, Pharmaceutical, Others For 6 Months To Tackle Inflation

Investors Withdrawal Looms For 20 modular refineries Over Crude Oil Supply

Nigeria’s Equity Market Sees First Gain Of The Week, Rises By 0.24%

Binance Fraud: Nigerian Govt Promises Fairness As US Lawmakers Fault Executive’s Detention

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Business - Page 258

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