Business
NLC threatens protest over governors planned borrowing from pension funds
The Nigeria Labour Congress has warned the state governors not to borrow N17 trillion from the pension funds purportedly for infrastructural development.
The union asked the state chief executives to steer clear of the pension funds, otherwise it would mobilise Nigerian workers in protest against the move.
NLC President, Ayuba Wabba, gave the warning at the 47th National Executive Council meeting of the Medical and Health Workers’ Union of Nigeria, in Abuja on Thursday, insisting the governors had no authority over the funds.
The Nigerian Governors Forum had last week endorsed the proposal of the Chairman of the National Economic Council Ad hoc Committee, Mallam Nasir el-Rufai, to borrow N17trn from the pension funds for infrastructural development.
But Ayuba said, “The pension is not for borrowing, pension money is the retirement savings of workers, it cannot be borrowed. It’s like money in your savings account that nobody can borrow.
“You must go through the bank and in this case, you must go through the PFAs and their guidelines; even the guidelines they want to play down but to the glory of God, the board of PenCom commission has been constituted
“I stand here to represent all of you (workers), we are not going to agree; less than five per cent of the states are keying into the contributory pension, yet they want to borrow the money. The bulk of the money is from the federal government workers and private-sector workers; so how do you want to borrow from where you have not sown?”
The NLC leader lamented that over 18 state governments were delaying the implementation of the new national minimum wage, noting that it was unheard of that the same governments would want to borrow the workers’ pension.
“It’s not free money, and let me sound a bit of warning: any day that we hear the pension fund, our money has been borrowed, I will declare a protest and everybody is going to be on the street to protect our hard-earned money.
“The money belongs to workers, we contribute that money so that when we retire, we can have something for retirement, so they have no say whatsoever; both the principal and the capital belong to us,” he said.
Wabba also commented on the fuel pump price, arguing that it should not be determined by the market forces “whose sole aim was targeted at making profits even at the detriment of the masses.”
He said, “Anything you leave to market forces, citizens will suffer because the primary focus of governance is actually to defend the interest and welfare of our workers and even the citizens and therefore when you leave it to market forces, it is then about profit.”
National President, Medical and Health Workers Union of Nigeria, Biobelemoye Josiah, condemned the Federal Government’s alleged involvement in scuttling strike actions through the use of some non-governmental organisations, stressing that workers have the rights to embark on industrial actions to drive home their demands.
He said, “In a plethora of cases, the courts have affirmed the right of the workers to embark on strike. Strike is a legitimate weapon available to the trade unions to ventilate their grievances, especially when the provision in section 41 of the Trade Dispute Act bordering on the number of days has been compiled with.
“I would, therefore, appeal to the Federal Government to enrich our industrial relations practice through the interplay of the relationship between the management (Government) and the workers (Trade Unions) rather than scuttling the relationship through a third party interloper represented by the NGOs.”
Business
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM).
The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM).
This move, detailed in a circular dated December 19, 2024, is designed to meet seasonal retail demand for FX during the holiday period.
The circular was signed by T.G. Allu, on behalf of the Acting Director of the Trade and Exchange Department.
The arrangement will be in effect from December 19, 2024, to January 30, 2025.
Under the directive, BDCs may purchase FX from a single Authorized Dealer of their choice, provided they fully fund their accounts before accessing the market.
Transactions to occur at the prevailing NFEM rate
The transactions will occur at the prevailing NFEM rate, and BDCs are required to adhere to a maximum 1% spread when pricing FX for retail end-users.
READ ALSO:
- Badenoch’s negative portrayal of Nigeria Police unfair-PCRC
- Bitcoin price crashes to $95,000 as market continues to react to Federal rate cuts
- Bauchi high court dismisses blasphemy, cybercrime charges against Rhoda Jatau
All transactions conducted under this scheme must be reported to the CBN’s Trade and Exchange Department.
The circular read in part:
“In order to meet expected seasonal demand for foreign exchange, the CBN is allowing a temporary access for all existing BDCs to the NFEM for the purchase of FX from Authorised Dealers, subject to a weekly cap of USD 25,000.00 (Twenty-five thousand dollars only).
This window will be open between December 19, 2024 to January 30, 2025.
“BDC operators can purchase FX under this arrangement from only one Authorized Dealer of their choice and will be required to fully fund their account before accessing the market at the prevailing NFEM rate. All transactions with BDCs should be reported to the Trade and Exchange department, and a maximum spread of 1% is allowed on the pricing offered by BDCs to retail end-users.”
The CBN assured the general public that PTA (Personal Travel Allowance) and BTA (Business Travel Allowance) remain available through banks for legitimate travel and business needs.”
These transactions are to be conducted at “market-determined exchange rates” within the NFEM framework.
This initiative reflects the CBN’s strategy to stabilize the FX market and manage seasonal surges in demand.
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
Business
Bitcoin price crashes to $95,000
Bitcoin price crashes to $95,000
The cryptocurrency market experienced sharp declines after the United States Federal Reserve announced a 25-basis point rate cut.
Bitcoin’s price dropped from its record high of $108,267 to a multi-day low of $95,000 within 36 hours.
Amid this turmoil, Paper-hand traders are rushing to sell their assets while the experienced ones are taking advantage of the dip to increase their portfolios.
Bitcoin price drops after Federal Reserve announces rate cut
Bitcoin experienced a sharp decline after the Federal Reserve cut interest rates by 25 basis points for the third time this year.
- The announcement led to Bitcoin’s price falling to a multi-day low of $95,000, marking a $13,000 drop within 36 hours.
- This pullback followed a recent record high of $108,268 earlier in the week.
- Federal Reserve Chair Jerome Powell suggested the central bank may halt further rate reductions due to recent Consumer Price Index (CPI) data.
“Today was a closer call, but we decided it was the right move,” Powell said during a press conference. While rate cuts typically benefit cryptocurrencies due to their risky asset status, this decision appears to have introduced caution among buyers.
READ ALSO:
- Bauchi high court dismisses blasphemy, cybercrime charges against Rhoda Jatau
- Suspected notorious kidnap leader arrested in Rivers
- Unsolicited messages: Appeal Court fines MTN N15m
Crypto analysts predict that Bitcoin could face increased volatility in the short term. On-chain data reveals selling pressure has eased since November, but caution remains high. Buyers are closely monitoring Bitcoin’s support levels, particularly around the $100,000 mark, with potential resistance seen at $110,000 in the coming weeks.
Some buyers anticipate a “Santa Rally” a term used to describe the Bullish performance of bitcoin during the Christmas holidays. Historical data on this notion has given mixed outcomes.
In previous halving years, Bitcoin often surged during Christmas week, with price moves of 11% to 25% recorded in 2017, 2020, and 2024.
However, analysts warn that current market conditions, including macroeconomic uncertainty and a cautious Fed, could dampen such expectations.
United States Bitcoin strategic reserve in doubts
Aside from the federal rate cuts announced by Powell. He also mentioned that the Central Bank is not allowed to hold Bitcoin unless approved by Congress.
- This statement cast shadows of doubt on the proposed Bitcoin reserve by Donald Trump during his campaign days.
- The President-Elect last week confirmed that his administration hopes to set up a strategic Bitcoin reserve and pilot the dominance of the US in the Global crypto space.
- The FOMC chairman’s speech about the Central Bank not being able to hold Bitcoin cast doubts on the proposed Goal by the Donald Trump administration.
Bitcoin price crashes to $95,000
Business
Dangote reduces petrol price to ₦899.50/litre
Dangote reduces petrol price to ₦899.50/litre
Dangote Petroleum Refinery has slashed the price of its petrol t to ₦899.50 per litre.
Making this known in a statement on Thursday was Anthony Chiejina, Chief Branding and Communications Officer of the Dangote Group.
He said, “Africa’s first privately-owned oil refinery, which previously lowered the price to N970 per litre on November 24, has now announced a new price of N899.50 per litre. This reduction is designed to ease transport costs during the festive period.”
Adding, Chiejina said, “In addition to the holiday discount, Dangote Petroleum Refinery is allowing consumers to purchase an additional litre of fuel on credit for every litre bought on a cash basis.”
READ ALSO:
- Shekarau-led Northern group seeks amendements to Tinubu’s tax reform bills
- BREAKING: Explosions rock Niger community
- Google issues security warning to 2.5 billion Gmail users
“To alleviate transport costs during this holiday season, Dangote Refinery is offering a holiday discount on PMS. From today, our petrol will be available at N899.50 per litre at our truck loading gantry or SPM. Furthermore, for every litre purchased on a cash basis, consumers will have the opportunity to buy another litre on credit, backed by a bank guarantee from Access Bank, First Bank, or Zenith Bank.”
The statement said the refinery was committed to making sure Nigerians have access to premium quality petroleum products that are competitively priced which are also environmentally and engine friendly.
Dangote reduces petrol price to ₦899.50/litre
-
metro3 days agoMany die at Ibadan children’s Christmas party stampede, organisers arrested (Video)
-
metro3 days agoCourt orders Minister, NIS to pay N3m compensation, issue passport to complainant
-
metro2 days agoFG transfers electricity market regulatory oversight in Lagos to LASERC
-
metro22 hours agoCourt stops customs from seizing imported rice in open market
-
metro1 day agoAfe Babalola: Court grants Dele Farotimi bail, barred from media interviews
-
News1 day agoAdebayo Ogunlesi, 2 other Nigerians make Forbes 50 wealthiest Black Americans list 2024
-
metro2 days agoAbuja demolition: Soldiers attack FCTA officials, seize vehicles
-
metro1 day agoIbadan stampede: Tinubu orders probe as death toll hits 40
You must be logged in to post a comment Login