Business - Page 102

Nigerian Workers Need New Minimum Wage But Not N1m - Moghalu

Will Minimum Wage Increase Do More Harm Than Good?

The debate over minimum wage in Nigeria has intensified, especially in the wake of the recent labour strike. Social media platforms are buzzing with discussions and misinformation, prompting caution and verification. On

Emmanuel Ochayi

6 months ago

Business·FEATURES

The Rise Of Online Shopping In Nigeria: A Game Changer In Modern Retail Business

In recent years, Nigeria has witnessed a significant shift in the way people shop, with a growing number of consumers turning to online shopping and e-commerce platforms for their purchasing needs.

Chiamaka Ajomiwe

6 months ago

CBN’s FX Market Intervention Falls Short As Naira Struggles To Gain Ground

Business·Latest News

How FX Gain Now Major Source Of FAAC Revenue – Report

Foreign exchange (FX) gains have emerged as a significant revenue source for Nigeria’s Federation Account Allocation Committee (FAAC), according to a recent report by Agora Policy, a think-tank organisation. The report, titled

Emmanuel Ochayi

6 months ago

SERAP Urge State Governors To Redirect Predecessors’ Life pension, Security Votes To Pay Minimum Wage

Business·Latest News·Politics

SERAP Urges State Governors To Redirect Predecessors’ Life pension, Security Votes To Pay Minimum Wage

The Socio-Economic Rights and Accountability Project (SERAP), has strongly criticised the 36 state governors’ refusal to implement a N60,000 minimum wage for civil servants. This condemnation, follows the governors’ statement, under the

Emmanuel Ochayi

6 months ago

Naira Drops To N1606 Per Dollar, Lowest In 3 Weeks At Official Market

Business·Latest News·Markets

Naira Appreciates By N7 Against Dollar, Trades At N1,481/$1 At Official Market

The Nigerian currency, the naira, showed signs of recovery on Thursday, June 6, 2024, trading at N1,481 to the American dollar, according to data from the Nigerian Autonomous Foreign Exchange Market (NAFEM).

Emmanuel Ochayi

6 months ago

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·Latest 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

Emmanuel Ochayi

6 months ago

Moghalu Highlights How Trump’s Presidency Will Affect African Economies

Business·Latest 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.

Victor Ezeja

6 months ago

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

Business·Latest News·Markets

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

Emmanuel Ochayi

6 months ago

Naira Falls To N1687 Per Dollar At Official Market

Business·Latest News·Markets

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

Emmanuel Ochayi

6 months ago

Business·Latest 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

Victor Ezeja

6 months ago

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Business - Page 102

Will Minimum Wage Increase Do More Harm Than Good?

The Rise Of Online Shopping In Nigeria: A Game Changer In Modern Retail Business

How FX Gain Now Major Source Of FAAC Revenue – Report

SERAP Urges State Governors To Redirect Predecessors’ Life pension, Security Votes To Pay Minimum Wage

Naira Appreciates By N7 Against Dollar, Trades At N1,481/$1 At Official Market

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

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