The federal government has issued a fresh update on Nigeria’s minimum wage amid growing concerns over workers’ salaries and calls for new wage negotiations.
The naira appreciated against the dollar, pound and euro at the official market on Thursday, while the parallel-market exchange rate remained stable at N1,358/$1.
To strengthen the flagging economy, the Central Bank of Nigeria has tightened monetary policy, which is restricting lenders (commercial banks) from extending loans.
In the 2023 financial year, five tier-1 banks, including Access, Zenith, UBA, GTB and First Bank, collectively amassed revenues amounting to N9.51 trillion.
Cement bags weighing 50 kg used to cost between N10,000 and N15,000, but in recent weeks, the price has plummeted dramatically to between N7,000 and N8,000.
Naira continues to perform poorly against the dollar in both the official and black markets and observers have blamed the emergence of 2 platforms.
Grip.ng is a trusted gift card trading platform that allows users to trade, pay bills, fund wallets & participate in sports betting while having safe transactions.
Dangote Refinery has decided to review the cost of buying a liter again, and manufacturers are excited that the new price will make goods cheaper.
According to the official rate that was derived from the FMDQ, the local currency closed at N1,234 to the dollar on Monday, April 22, making it N1,234/$.
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In recent days, the Naira has depreciated against the US dollar in the official markets after weeks of an unprecedented rally, causing concern among Nigerians.
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