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Politics24 Hrs To Nationwide Strike: Fg’s Meeting With NLC, TUC Ends In Deadlock by stewiepeter(op): 3:47pm On Oct 02, 2023
[b][/b]The meeting between the Federal Government and Organised Labour, yesterday ended in deadlock as leaders of the Nigeria Labour Congress, NLC, and their Trade Union Congress of Nigeria, TUC, counterparts, rejected the government’s offers.
However, the meeting will reconvene at 4 p.m. today.

Sources at the meeting told Vanguard that the labour leaders rejected President Bola Tinubu’s N25,000 provisional wage award for low-grade workers to cushion the effect of the removal of the petrol subsidy.

The labour leaders told Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, SAN, to prepare to take all of them to jail because the government had been threatening them with a court order, saying “This is not acceptable.”

Recall that President Tinubu in his nationwide broadcast, on the occasion of Nigeria’s 63rd Independence Anniversary, had said: “Based on our talks with labour, business and other stakeholders, we are introducing a provisional wage increment to enhance the federal minimum wage without causing undue inflation.

‘’For the next six months, the average low-grade worker shall receive an additional Twenty-Five Thousand naira per month.

“Commencing this month, the social safety net is being extended through the expansion of cash transfer programmes to an additional 15 million vulnerable households.”

However, Vanguard reliably gathered that Organized Labour in its meeting with the Federal Government team at the Permanent Conference Room, Presidential Villa, Abuja, rejected the N25,000 provisional wage award and demanded 200 per cent of the current minimum wage.
Besides, Labour insisted that the provisional wage increase should be for all workers, pending the enactment of a new Minimum Wage Act next year and must not be limited to only six months.

The labour leaders equally insisted that the conditional cash transfer for the poorest and vulnerable people should be increased to N25,000 for 15 million vulnerable Nigerians, against the N5,000 the previous administration was paying.

After many hours of horse-trading, the Chief of Staff, Femi Gbajabiamila, who is leading the government’s delegation, broke the meeting for the government team to consult with the President on the new demands.

Gbajabiamila, it was learned, was accompanied by the Minister of Labour and Employment, Simon Lalong.

Some other issues raised by the NLC and TUC leaders included tax rebates for low-income earners, removal of Value Added Tax, VAT, on diesel for the next six months and provision of Compressed Natural Gas, CNG, and buses within the next two months.

The meeting that commenced at about 3.25 pm, ended around 7.15 pm to reconvene by 4 pm today.

Labour’s NEC to meet today on govt offers.

Vanguard gathered that labour leaders would also hold their National Executive Council, NEC, meeting today to brief NEC members about the offers by the government.

The NEC is expected to take a position and give the leaders the new mandate to take to the government.

But briefing journalists after the meeting, the Chief of Staff to the President and leader of the government team, Femi Gbajabiamila, announced that Tinubu accepted organized labour’s demand that the wage award be across the board.

He said: “We’ve been at a closed-door meeting with labour and government side since three o’clock. So, it’s been about four four-hour meetings.

“A lot of issues were addressed. Issues that concern the Nigerian workers, the average Nigerian worker. I can’t begin to reel them out here. But I am happy to say that after four hours, we have reached certain agreements that are for the benefit of the Nigerian worker.

Agreements on the wage bill, agreements on committees on salary increment, CNG buses, on several other things, I believe both labour and government side?

“Hopefully, we expect that labour will call a meeting of their various branches and executive tomorrow (today) to present the agreements that have been reached, and we pray and believe and hope that the strike will be called off tomorrow.

“So I want to once again thank Labour for taking time out on a good Sunday like this one when they should be with their families to come and discuss in the interest of the workers. Thank you very much.

FG, meeting with NLC, TUC ends in deadlock
“There was a lot of chatter on Twitter about the issue of low-income workers only falling into the category of the provisional wage increase. We did communicate with the president and he quickly did say and agreed that all categories of workers would be given the wage bill.

‘’There is nothing like low income, mediun income or high income. I think it was worthy of clarification tonight.”

Making clarification on the N25,000 provisional wage award, he said: “There was a lot of chatter on Twitter about the issue of low-income workers only falling into the category of the wage bill.’’

Also speaking, the President of NLC, Joe Ajaero said: “I don’t have much to say than what the Chief of Staff has said. We have been meeting and we have looked at almost all the issues, all the promissory notes from the government.

‘’We will look at how to translate them to reality. Then we are going to take those promises to our organs. Of course, you know these people here cannot just wake up and review and call off action.

“So like he (Gbajabiamila) said, we are hopeful that our organs will have a look at them and give us a fresh mandate on what to do next. So it’s a simple one.”

On his side, the acting President of TUC, Tommy Etim Okon, said: “We do hope that by tomorrow, we are going to meet with our organs.”

Sources at the meeting told Vanguard that the government team had wanted organized labour to announce a suspension of the indefinite strike which it declined.

The Minister of Information and National Orientation, Mallam Mohammed Idris, also said in a statement issued at the end of the meeting yesterday: “The Federal Government has announced N25,000 only as provisional wage increment for all treasury-paid Federal Government workers for six months.

“The Federal Government is committed to fast-tracking the provision of Compressed Natural Gas, CNG, buses to ease public transportation difficulties associated with the removal of PMS subsidy.

“The Federal Government commits to the provision of funds for micro and small-scale enterprises. VAT on diesel will be waived for the next six months.

“The Federal Government will commence payment of N75,000 to 15 million households at N25,000 per month, for a three-month period from October-December 2023.”

According to the statement, the meeting resolved that “the issues in dispute can only be resolved when workers are at work and not when they are on strike.

“Labour unions argued for higher wage awards and the Federal Government team promised to present labour’s request to President Bola Tinubu for further consideration.

“A sub-committee to be constituted to work out the implementation details of all items for consideration regarding government interventions to cushion the effect of fuel subsidy removal.

“The lingering matter of Road Transport Employees Association of Nigeria, RTEAN, and National Union of Road Transport Workers, NURTW, in Lagos State needs to be addressed urgently and Lagos State Governor, Babajide Sanwo-Olu, who participated virtually, pledged to resolve the matter.

“NLC and TUC will consider the offers by the federal government, with a view to suspending the planned strike to allow for further consultations on the implementation of the resolutions above.

In a circular by Nigeria Labour Congress, NLC, General Secretary, Emmanuel Ugboaja, to all the 36 state councils and the Federal Capital Territory, FCT, Abuja, NLC directed the councils to hold joint meetings with the Trade Union Congress of Nigeria, TUC, and work together to ensure total compliance with the strike directive.

The circular, titled “Indefinite nationwide strike”, read: “In furtherance to the notice of the indefinite nationwide strike scheduled to commence on Wednesday, October 3, 2023, all chairpersons of NLC state councils are kindly requested to take immediately the following steps to ensure a successful outcome.

‘’To immediately send a circular notifying all affiliate unions and workers in their states on the need to comply with the strike. Ensure that their respective compliance teams leave no stone unturned in discharging their responsibilities, especially in areas of strategic importance to the overall success of the action.

“Hold joint meetings with the TUC and work together to ensure total compliance with the essence of the action; continue providing the progress reports of their activities as the action begins to the national secretariat and the platforms.

“The success of this action is critical for the survival of workers and the masses. That this will happen is dependent on our collective determination and commitment. No one else can do it for us.”
Source: https://www.vanguardngr.com/2023/10/24-hrs-to-nationwide-strike-fgs-meeting-with-nlc-tuc-ends-in-deadlock/amp/
PoliticsRe: What Happens If CSU Releases Tinubu’s Documents And It Is Fake? by stewiepeter: 12:14pm On Oct 02, 2023
My dear it’s Nigeria he will be able to do everything even if they know it’s a fake certificate.
But I agree with you he won’t have anything to do with America again cause of the case on his head.
But don’t forget America is also not free of corruption they just do it with sense. If they have something to gain in Nigeria, they can ask Tinubu for a deal. They will make the case disappear for maybe oil or natural resources etc
gare:
He would not step down, he would shameless continue in office, but he can't get into America, because he would be arrested for identity theft, but I don't think he would be able to contest in 2027 except he would sit for WAEC or Neco and use the results to contest in 2027
PoliticsRe: (CSU) Between Atiku And Obi, Who Becomes The President by stewiepeter: 11:43am On Oct 02, 2023
I will disagree with you on Atiku. I am from the north and I will tell you straight ahead that Atiku is a religious bigot. Have you forgotten that he deleted a tweet concerning the murder of Deborah because of his Muslim brothers backlash. For that singular act I will gladly accept Tinubu all day than that stupid fellow to come into power.
Vinnie2000:
As far DRUGGIE and his Evil APC Party leaves Aso Rock, No problems. 🤨🙂

Either PETER OBI or Atiku is good for Nigerians. 🙂😊

Both are Clear-headed Politicians and are NOT TRIBALISTIC/NEPOTISTIC!
And most Importantly, Both do not Reward Failure and INCOMPETENCE!🙂
PoliticsRe: What Happens If CSU Releases Tinubu’s Documents And It Is Fake? by stewiepeter: 9:27am On Oct 02, 2023
I think he will continue his tenure in Nigeria but his international image will be battered.
EducationRe: ASUU To Join NLC In Its Strike, "Planning A Total And Suffocating Strike" by stewiepeter(op): 9:02am On Oct 02, 2023
Eat sh*t and kaput, big fool
amerengues:
This is hilarious.

Bye! I was thinking you would read between the lines to know why I was vehement and so sure on no previous meetings amongst staff even at the local level in individual universities.

Lol.
EducationRe: ASUU To Join NLC In Its Strike, "Planning A Total And Suffocating Strike" by stewiepeter(op): 8:44am On Oct 02, 2023
Are you so foolish that you can’t see that they have already had talks with their wards and are ready to go together with NLC? So what’s the long epistle for?
Some people just want to sound smart but end up sound so stupid and crazy.
I have quoted you, do your worst. I was on my own till you quoted me. Shege Banza, Dan iska
amerengues:
This is a faceless forum. Won't bother engaging talks with you. I don't do that and won't get to the level of uttering unprinted words in order to show my disapproval.

However, at least, for once, know today that no President can call for strike without multiple meetings ranging from Executive meetings of branch and regional rep, then localization of congress meetings and back to NEC meeting before anything can be done. I just enlighten you. It is left to learn or unlearn the process.

That I will engage you people do here, no I won't. It's of no use!

Members are first informed before going to the public. By the way, we have many ASUU Twitter handles which are not even ASUU'. For the record, for decade, ASUU has no Twitter handle until recent move. You see all those handles with multiple followers do not belong to the union.

Please, kindly desist from quoting if you can't Intelligently discuss with recourse to foul languages. I can as well let this slide but since I find it misleading, it is better the public is better informed.

Again, that you see a post somewhere doesn't authenticate it's veracity.

Please, don't quote me. Thanks.
EducationRe: ASUU To Join NLC In Its Strike, "Planning A Total And Suffocating Strike" by stewiepeter(op): 8:31am On Oct 02, 2023
Oga check my profile, I have left Nigeria since. Am working in Norway. So continue barking cause of your frustration bastard
Mozino007:
Today is Monday,go n find something doing with your miserable life!
EducationRe: ASUU To Join NLC In Its Strike, "Planning A Total And Suffocating Strike" by stewiepeter(op): 7:45am On Oct 02, 2023
Look at this mumu, what is fake information if you copied exactly what they wrote and paste exactly there. How daft are you that you can’t open the link to see their confirmed twitter account posted it.
Please either goto school and learn how to open a source to see how things work not just come here and type nonsense or at least don’t be using torch light phone, try buy better phone that you can use to open source. Stwepid basterd murafkukaw
amerengues:
You people just try rubbish in this country. Why posting false information?! If they sue you now, the public will start crying.

ASUU is an organized union that must first call a congress before embarking on strike. No president can singlehandedly go on strike
EducationRe: ASUU To Join NLC In Its Strike, "Planning A Total And Suffocating Strike" by stewiepeter(op): 7:22am On Oct 02, 2023
Fake news is now in the front page, what kind of stupid idiot is this person?
Mozino007:
.
PoliticsRe: NLC Considers Suspending Strike Action After Meeting With FG by stewiepeter(op): 10:37pm On Oct 01, 2023
Fake news bleep you there, are you so stupid that you cannot see premium times reporting it. They never said the strike has been suspended but they are considering it.
They will have relay the offer of the FG to their different branches, and consider if the best option is to go ahead with it or suspend the strike.
Try and read first before jumping and screaming like a stupid fool.
Mozino007:
.
EducationASUU To Join NLC In Its Strike, "Planning A Total And Suffocating Strike" by stewiepeter(op): 10:30pm On Oct 01, 2023
All Nigeria Public Universities Students and Staffs should take note that ASUU is not going back on the Indefinite Strike organized by NLC and TUC by 3rd of October.

TOTAL, COMPREHENSIVE AND SUFFOCATING STRIKE LOADING!

Signed:
Prof. E. V. Osodeke
ASUU National President
Source: https://x.com/fabupara/status/1708443909209092281?s=46&t=hJHlVKEp7Eh0NYD4eXIMEQ

PoliticsRe: NLC Considers Suspending Strike Action After Meeting With FG by stewiepeter(op): 10:23pm On Oct 01, 2023
My brother just because you’re angry doesn’t mean that everything is fake even the ones you don’t want to see.
Check this link also: https://www.premiumtimesng.com/news/top-news/629873-just-in-nlc-tuc-meet-govt-delegation-may-suspend-strike.html
Isokotolopia:
Sensational headline,


Fake news can avert strike


Only a 100% wage increase can prevent the shut down of the country
PoliticsNLC Considers Suspending Strike Action After Meeting With FG by stewiepeter(op): 10:13pm On Oct 01, 2023
[b]PRESS STATEMENT ON THE MEETING BETWEEN THE FEDERAL GOVERNMENT AND LEADERSHIP OF THE NIGERIA LABOUR CONGRESS (NLC), AND TRADE UNIONS CONGRESS (TUC).

The Federal Government, on Sunday, October 1, 2023 met with the leadership of the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) on measures to address the dispute arising from the removal of subsidy on Premium Motor Spirit (PMS).

The parties noted the following:

i) The Federal Government has announced N25,000 only as provisional wage increment for all treasury-paid federal government workers for six months.

ii) The Federal Government is committed to fast-tracking the provision of Compressed Natural Gas (CNG) buses to ease public transportation difficulties associated with the removal of PMS subsidy.

iii) The Federal Government commits to the provision of funds for micro and small-scale enterprises.

iv) VAT on diesel will be waived for the next 6 months.

v) The Federal Government will commence payment of N75,000 to 15 million households at N25,000 per month, for a three-month period from October-December 2023.[/b]

RESOLUTIONS:

In light of the discussions held during the meeting, the following resolutions were reached:

i) The issues in dispute can only be resolved when workers are at work and not when they are on strike.

ii) Labour Unions argued for higher wage award and the Federal Government Team promised to present Labour’s request to President Bola Tinubu for further consideration.

iii) A sub-committee to be constituted to work out the details of implementation of all items for consideration regarding government interventions to cushion the effect of fuel subsidy removal.

iv) The lingering matter of Road Transport Employees Association of Nigeria (RTEAN) and National Union of Road Transport Workers (NURTW) in Lagos State needs to be addressed urgently and Lagos State Governor, Babajide Sanwo-Olu, who participated virtually, pledged to resolve the matter.

v.) NLC and TUC will consider the offers by the Federal Government with a view to suspending the planned strike to allow for further consultations on the implementation of the resolutions above.

Governor Abdulrazak Abdulrahman of Kwara State and Chairman of the Nigeria Governors Forum (NGF) and Governor Dapo Abiodun of Ogun State, participated virtually in the meeting, chaired by the Chief of Staff to the President, Femi Gbajabiamila.

Also in attendance were the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, the Minister of Information and National Orientation, Mohammed Idris, the Minister of Labour and Employment, Simon Lalong, the Minister of State, Labour, Nkeiruka Onyejeocha, the Minister of Budget and Economic Planning, Abubakar Atiku Bagudu, the Minister of Humanitarian Affairs and Poverty Alleviation, Betta Edu, the Minister of Industry, Trade and Investment, Doris Uzoka-Anite, the Head of Service of the Federation, Dr. Folasade Yemi-Esan and the National Security Adviser (NSA), Mallam Nuhu Ribadu.

The labour delegation was led by NLC President, Joe Ajaero, Dr Tommy Etim Okon, Deputy President, TUC, NLC General Secretary, Emma Ugboaja, TUC General Secretary, Nuhu Toro, among others.

Mallam Mohammed Idris
Minister of Information and National Orientation
October 1, 2023

Source:
RomanceRe: My Compilation Of Funny Nairaland Comments by stewiepeter: 6:08pm On Oct 01, 2023
I think OP has mental issues
Offpointng:
I find nothing funny in the comments above. Are you sure ur ok guy?
PoliticsRe: FG Invites NLC, TUC To Emergency Meeting Over Looming Nationwide Strike by stewiepeter(op): 6:29pm On Sep 29, 2023
Do you get paid to comment first?
duullie88:
T
PoliticsFG Invites NLC, TUC To Emergency Meeting Over Looming Nationwide Strike by stewiepeter(op): 5:24pm On Sep 29, 2023
The Federal Government, in a desperate move to avert the planned nationwide strike from October 3, has summoned an emergency meeting with the leaders of Nigeria Labour Congress, NLC, and their Trade Union Congress of Nigeria, TUC, counterpart.
Vanguard gathered the meeting is scheduled to hold later this evening at Aso Villa, Conference Room of the Office of the Chief of Staff to the President.
It was gathered that the government had earlier fixed the meeting for 12 noon today, but had to be shifted to evening to enable Organised Labour to reach out to their leaders outside Abuja.

According to sources, the NLC and its TUC counterpart received the government’s invitation this morning through the Ministry of Labour and Employment.
Source: https://www.vanguardngr.com/2023/09/breaking-fg-invites-nlc-tuc-to-emergency-meeting-over-looming-nationwide-strike/
PoliticsRe: Hardship: We Are Tired Of FG’s ‘Soon’ Promises – TUC by stewiepeter: 6:01pm On Sep 26, 2023
No, maybe he will show us where the minister of defence made the statement.
Tonytonex:
thanks.
Sorry, were you the one I quoted?
PoliticsRe: Hardship: We Are Tired Of FG’s ‘Soon’ Promises – TUC by stewiepeter: 5:47pm On Sep 26, 2023
I don’t know if matawale made that statement again as the minister of defence. But he did make the statement when he was the governor of zamfara
Tonytonex:
Who is the Minister of defense?
Which state is he from?
When and where did he make such statement?

Thanks for the answers in advance.
PoliticsRe: Nigeria @ 63: No World Leader Invited, Says FG by stewiepeter: 6:15pm On Sep 25, 2023
Just because your tribe is in power doesn’t mean you should be stupid.
What I stated I listed all the politicians not just one party so I don’t know why you’re raving like a mad dog.
If only you know the damage they have done to your unborn generation, you won’t be here talking like a lunatic.
newnigerdelta00:
So far You be Nigeria you self na devil, join hand's to fight your parents first because this politicians some of them are your father's and relative's
PoliticsRe: Nigeria @ 63: No World Leader Invited, Says FG by stewiepeter: 6:12pm On Sep 25, 2023
Read my statement first before you reply in other not to show how stupid you are.
I said politicians be it APC,PDP and LP that means Nigerian politicians. In norway where I stay I love their system because taxes are been put to good use.
Maybe you should save money and travel alittle, so you will know what you’re missing. Don’t just stay in that local state of yours and receive spaghetti with noodles and then start hailing Nigerian politicians like they are gods.
Burob:
You hate politicians?, but the irony is that the so called politicians are everyday people just like yourself? Reading political science in university, doesn’t make you a politician.

So indirectly you are saying you hate your fellow Nigerians? But the Romans BC, founders of democracy have said that only the foolish citizens, do not take part in the politics of their society.
PoliticsRe: Nigeria @ 63: No World Leader Invited, Says FG by stewiepeter: 1:46pm On Sep 25, 2023
We will do this, we will do that, that has been Nigeria’s language for years. This politicians are devils.
I have a humongous hatred towards politicians be it PDP,APC or LP they are all the same. If only you know the lives this people have destroyed and rendered useless, we will all join hands to fight against them.
PoliticsRe: Exchange Rate Crashes To N985/$1 As Forex Traders Say There Is No Dollar To Sell by stewiepeter(op): 8:40pm On Sep 21, 2023
https://nairametrics.com/2023/09/20/exchange-rate-crashes-to-n983-1-as-forex-traders-say-there-is-no-dollar-to-sell/?amp=1
Kukutenla:
Source pls

Much Ado over dollars
It seems there's a national obsession with dollars and subsidy
The average Nigerian does not know what dollar looks like but they hear about it more than the national anthem
The average Nigerian hears about oil subsidy but he spends his entire life eating palm oil, coconut oil, sesame oil and groundnut oil
The rich man's concern has become the poor man's problem
We need to find a way to make everyone have equal problem
I propose going back to trade by barter and cowries as a national currency
I propose we adopt horses and camels as a common means of transportation.
Yes! I got it. What we need is a national reset.
The white man has scammed us. Let us go back to our roots
PoliticsExchange Rate Crashes To N985/$1 As Forex Traders Say There Is No Dollar To Sell by stewiepeter(op): 7:34pm On Sep 21, 2023
The exchange rate between the naira and the dollar plunged to a record low N983/$1 at the black market based on quotes received by Nairametrics on Wednesday as currency traders said there no dollar to sell

This represents a 2.93% drop when compared with the N955/$1 that it traded the previous day as the foreign exchange crisis in the country continues unabated.

This also shows a substantial depreciation from the N950/$1 that it traded last week as the Central Bank of Nigeria (CBN) appears to be still struggling to stabilize the foreign exchange market despite its various policy pronouncements.

Recall that in mid-August, the dollar was quoted as low as N955/$1, stoking fears among investors that the exchange rate might plummet to N1000/$1. This, however, appreciated at some point to N840/$1 after the apex bank warned speculators about potential major losses due to the policies it hopes to introduce.

In related news, trading on the official I&E window on September 20 witnessed the exchange rate between the naira and the dollar settling at N776.60/$1, a drop from N773.98/$1 the previous day. The intra-day high soared to N799.9/$1, whereas the intra-day low dipped to N720/$1.

Data from FMDQ Securities Exchange, a platform that oversees official FX trading in Nigeria, shows that a total of $71.01 million was traded at the I & E window, Nigeria’s official trading window.

Currency tracking platform AbokiFX also captured the exchange rate trades at N980/$1 on Wednesday.

We are out of business

A top official of the Association of Bureau De Change Operators of Nigeria (ABCON) who did not want to be mentioned said that the forex market is currently in disarray as most of the licensed operators do not have dollars to sell and as such out of business.

He said, ‘’The market has scattered, the rate is N983/$1. Most of the licensed bureau de change operators do not even have dollars to sell, we are out of business. I think the liquidity is in the so-called parallel market. Its all about scarcity and when there is scarcity, it gives rise to parallel or black market.’’
He said that if there is dollar available to sell or buy, he might not even do the transaction because he does not know what to do, adding that he is confused as a licensed bureau de change operator

Going further he said,

‘’You see this market operates on different level, we have started seeing Binance, we are now seeing Dubai rate, we are now seeing local parallel market rate, so it depends on the level you are.’’
Experts and currency traders have attributed the crisis in the forex market to scarcity of dollars and the surge in demand.

Government attempted intervention

The Tinubu administration had indicated its resolve to tackle the rapid depreciation of the exchange rate, bolstered by the central bank’s commitment to intervene.

In August the acting CBN Governor had warned speculators of losses following plans aimed at stabilizing the naira.

Furthermore, the government publicized that the NNPC had secured a deal to borrow $3.5 billion, funds earmarked to boost supply amidst escalating demand pressures. Such measures buoyed the local currency, hinting that the black market premium over the official I&E Window might shrink to a mere 5%, a scenario welcomed by the market.

Yet, recent insights from JP Morgan revealed that as of December 2022, Nigeria’s central bank possessed net reserves amounting to approximately $3.7 billion and Flitch ratings which indicated that the current external reserves could be lower than expected.

The disclosures rattled analysts, and the exact cause behind the naira’s depreciation remains nebulous.
PoliticsRe: 'Subsidy Back As FG Pays ₦169.4 Billion In August' - Daily Trust by stewiepeter: 11:50am On Sep 21, 2023
Let me give you one sure way to go by this scam you call sure odds and fixed matches.
Borrow around 100k from these loan sharks around. Put the 100k on the sure matches, since it’s a fixed match then you can cash out maybe 10million or more.
Please don’t thank me for this wonderful idea, incase you don’t know some of the loan sharks around I can send you some you can get in the area you live.
Erifce:
8
BusinessNaira Falls At Black Market As Dollar Index Hit 6 Months High by stewiepeter(op): 2:08pm On Sep 07, 2023
The dollar steadied near six-month highs as lingering signs of inflation in the United States stoked lingering concerns about the hawkish Federal Reserve.

The naira weakened to N930 to 1 dollar on Thursday in the unofficial foreign exchange (FX) market, known as the parallel market.

This decline was exacerbated by the inability of Nigerian banks to meet the growing demand for dollars, prompting buyers to turn to the parallel market.

The Central Bank of Nigeria’s (CBN) plan to clear foreign exchange debt in the next two weeks should restore confidence in the economy.

Folashodun Adebisi Shonubi, acting governor of CBN, said on Monday that the central bank has been discussing reducing the foreign exchange backlog for some time, “and we hope that we will get there after a while.” or two weeks,” he said.
The dollar remains at its highest since mid-March as the dollar index and dollar index futures have little movement in trading in London. Concerns about worsening global economic conditions also boosted safe-haven demand for the dollar.

At the time of writing, the US dollar index was trading at 104.8. The U.S. Dollar Index measures the value of the dollar in relation to a basket of other important currencies, including the Euro, British pound sterling, Swedish krona, and the Japanese yen.

The recent upsides on the index mean people wishing to fulfil foreign exchange payment commitments through dollar transfers to regions like Europe and Japan would have to fork over fewer dollars to do so.

Treasury rates with shorter maturities, which are more susceptible to fluctuations in the Fed’s rate, were several basis points higher on Wednesday. After increasing by over 6 basis points to 5.02%, the two-year yield was around 5.01%.

Data released overnight showed that activity in the US services sector increased more than expected in August, with the price index in the sector also continuing to rise.

These numbers have raised concerns about persistent inflation in the short term, prompting the Fed to maintain a hawkish stance.

A slew of Fed officials is expected to speak this week, offering more guidance on monetary policy ahead of a rate decision at the end of the month.

While the Fed is widely expected to keep rates unchanged, it should also reiterate its stance on sustainable rate hikes.

The strong U.S. labour market gives the U.S. Fed more ammunition to rein in inflation, continually adding pressure on frontier market currencies like the Nigerian naira as investors are increasingly flocking to safe-haven currencies.

For now, the dollar remains at the heart of the global financial system and US Treasuries remain the haven of choice.

In the SWIFT payment system, the share of dollar transactions exceeds 40%, giving it a dominant position.

The share of the euro is about 25%, while the share of the yuan is about 3%. But the dollar’s share of foreign exchange reserves was at a record 58% in early 2023, compared with 73% in 2001.

But old habits are unlikely to die. In a recent report, JPMorgan economists concluded that while “marginal de-dollarization” is happening, it won’t happen quickly.

The dollar, despite all its flaws, is simply too entrenched in global transactions to be quickly converted to another currency.

Source: https://nairametrics.com/2023/09/07/naira-falls-at-black-market-as-dollar-index-hit-6-months-high/
PoliticsRe: NLC Ends Two-day Warning Strike, Directs Workers To Resume Work by stewiepeter: 8:24pm On Sep 06, 2023
Oga no talk that one ohh, the strike reach my side for abuja. Nepa switch off light from Tuesday morning till now no light. My area which is Maitama have light for about 23 hours average in a day.
kereman1:
After ajeoro realized say na only him dey on strike in the whole 9ja, baba use shame call off the strike.
PoliticsRe: FG Increases Price Of Electricity Meters by stewiepeter: 12:49pm On Sep 06, 2023
Look at this bastard, one boy bought two cars, how many you and your papa buy? Idiot
Benwallt:
One boy bought two cars in my area yesterday. Stop crying for orders. Go n work
PoliticsRe: 2023 Presidential Election Tribunal Judgement (Live Updates) by stewiepeter: 11:09am On Sep 06, 2023
This idiot we are talking on serious issues, you’re trying to scam people mumu.
Kate67r:
Hdhd6
PoliticsRe: What Time Is The PEPT Judgement? by stewiepeter: 8:29am On Sep 06, 2023
In as much as you hate him because of his political beliefs, he asked a genuine question. Like, when is the procession starting etc? That’s the same thing I’ve been saying the politicians are unified while the masses fight each other. Damn I cry for Nigeria with the hatred brewing on.
Unperturbedpota:
Olodo, is it not once they will give the judgement ni?

Startimg KO, ending Ni 🙄
PoliticsRe: AEDC And KEDC Join NLC Warning Strike As Residents Wallow In Darkness by stewiepeter(op): 6:04pm On Sep 05, 2023
Oga Okoro, must you show your aggression even when a question is asked. Naso your hunger dey make you bark like a mad dog?
Simple question you don turn am upside down
Okoroawusa:
We get light...I don't know what you are talking about
PoliticsAEDC And KEDC Join NLC Warning Strike As Residents Wallow In Darkness by stewiepeter(op): 5:58pm On Sep 05, 2023
Do you have light in this areas? It’s been reported that NLC officials have locked their offices till Thursday.

PoliticsRe: Tinubu Approves Initiative To Supply Eyeglasses To 5 Million Nigerians by stewiepeter: 2:47pm On Sep 02, 2023
I don’t think you’re comparing apples to apples when you compare someone with cancer and that who suffer from eye problem. The later is life threatening while the other is mainly associated with discomfort and quality of life.
All am saying is since resources are scarce and we have to prioritise, I think giving out corrective glasses shouldn’t be on top of the list.
Godwin4444:
tinubu has been dere before so he knows how it is to have eye issues

Rest first n see he’s trying to pity those in his shoes without money to do that

Same way babangida wife is always very concerned about breast cancer patients, outside governance we all have some issues we can directly relate with with been a billionaire or a pauper

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