NLC Gives Reason for Requesting a $300 Minimum Wage for Workers | 5 Things That Should Matter Today

NLC strike
  • NLC gives reason for requesting a $300 minimum wage for workers
  • Senate calls for Governor of CBN over free fall of the Naira
  • EFCC plots on fraud risk assessment for the Presidency, National Assembly, others
  • First Bank Holdings appoints Billionaire Otedola as Board Chairman
  • CBN enforces limits on Nigerian banks with dollar account balance

Across Nigeria’s 36 states and the Federal Capital Territory, these are the five top Nigerian news stories you shouldn’t miss.

NLC gives reason for requesting a $300 minimum wage for workers

The Nigeria Labour Congress (NLC) has asked that the minimum wage for workers in the country be raised to $300 (₦456,000), with the rate of a US dollar being sold at ₦1,520.

The Labour Unions stated that the current ₦30,000 minimum wage has become inadequate and can no longer sustain any worker due to the spike in inflation and the rise of the US dollar against the naira.

The president of the NLC, Joe Ajaero, revealed that most governors on the 37-member tripartite minimum wage committee are also guilty of not paying their workers the minimum wage or paying them in breaches.

Senate calls for Governor of CBN over free fall of the Naira

The Senate has summoned the Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, to discuss the free fall of the country’s currency against the US dollar.

The governor is set to appear before the Senate on February 5, 2024, to explain the reason behind the current state of Nigeria’s economy.

The Chairman of the Senate Committee on Banking, Insurance, and Other Financial Institutions, Senator Tokunbo Abiru, explained that Nigeria’s inflation index had become a great concern to the Senate.

“We are all living witnesses of what is going on. Underlining the major issue of the economy is the way the inflation index has been, and of course, it is a major concern to us,” he said.

EFCC plots on fraud risk assessment for the Presidency, National Assembly, others

EFCC

The Economic and Financial Crimes Commission (EFCC) has revealed that it will carry out a fraud risk assessment on government ministries and agencies, starting with the Presidency, the National Assembly, and the National Judicial Council.

The Chairman of EFCC, Ola Olukoyede, announced that the project is aimed to begin with 20 particularly vulnerable ministries and agencies of the government.

“We’re going to start our fraud risk assessment from the Villa. When we finish with the Villa, we’ll move to the National Assembly and the National Assembly Service Commission. When we’re fine with that, we’ll move to the National Judicial Council. We want to know what they’re doing there; after that, we’ll move to Ministries and Agencies of Government.”

First Bank Holdings appoints Billionaire Otedola as Board Chairman

The First Bank of Nigeria Holdings recently appointed Nigerian business tycoon and billionaire Femi Otedola as the chairman of the board of directors.

Otedola took over the position after the exit of the predecessor, Alhaji Ahmad Abdullahi. He expressed his excitement about the appointment on his Instagram story with a caption and a smiley.

The business tycoon recently invested in Dangote cement to boost the Nigerian economy. He was also recently named on the Forbes list of African Billionaires after his exit from the list seven years ago.

CBN enforces limits on Nigerian banks with dollar account balance

CBN

The Central Bank of Nigeria (CBN) has issued a directive to limit dollar account balances. This move ensures that there is a certain amount of foreign currencies that Nigerian banks are allowed to hold.

In its recent circular, the CBN expressed concern about the depreciation of the naira against the dollar and the growth of forex exposures on its balance sheet.

Since the rise in the US dollar, Nigerian banks have established an incentive for Nigerians to store more foreign currency.

Therefore, CBN addressed the Net Open Position (NOP) limits of banks on foreign currency assets and liabilities, stating that the NOP limit on all foreign currency assets of banks shall not go beyond “20% short or 0% long of shareholders’ funds”.

Leave a reply

Your email address will not be published. Required fields are marked *

cool good eh love2 cute confused notgood numb disgusting fail