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Jigawa Govt. pays N2.024bn terminal benefits to 746 retirees

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Jigawa and Local Government Contributory Pension Scheme Board has commenced the payment of N2.24 billion terminal benefits to 746 retirees.

The Executive Secretary of the board, Alhaji Kamilu Aliyu, disclosed this when he briefed newsmen in Dutse on Thursday.

Aliyu said the amount would cover payment to workers who retired recently from service at state, local governments and the Local Education Authorities (LEAs).

He added that the payment included retirement and death benefits, death pension balance and refund of eight per cent contribution.

The executive secretary added that 179 of the beneficiaries were from state service, 112 local governments and 455 from LEAs.

According to him, N575 million will be disbursed to the 179 beneficiaries from the state service, N210 million to the 112 beneficiaries from local government service, while 455 beneficiaries of the LEAs will receive N1.238 billion.

“Today, we are going to pay the sum of N2, 024,772,779.47 to 746 workers that retired recently from state, LGCs and LEAs from the state.

“The payment included retirement benefit, death benefit, death pension balance and refund of eight per cent contribution.

“The board is up-to-date in the payment of entitlements to retirees, including those who died in active service,” the executive secretary said.

Aliyu, who urged the beneficiaries to ensure judicious use of the money, lauded the commitment of the state government towards improving the welfare of the workers.

He stated that the gesture would enhance service delivery as well as bolster the wellbeing of the retirees to enjoy a fulfilled life after service.

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Job Losses, Factory Closures Loom As Unsold Goods Pile Up — MAN

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AGAINST the backdrop of sustained pressure in the foreign exchange market and high cost of production, the Manufacturers Association of Nigeria, MAN has indicated that inventory of unsold goods is escalating to levels now threatening the existence of companies operating in the production sector of the economy with attendant job losses.

Findings show that as of the weekend the foreign exchange market had recorded over 254 per cent plunge in the value of the naira since flotation of the currency by the Central Bank of Nigeria (CBN) in June 2023.

Recall that the naira traded for N471 per dollar in the official I&E market on June 13, 2023 before the floatation of the currency, but exchanged for N1,665.50 to a dollar as at February 23, 2024 on the Nigerian Foreign Exchange Market (NAFEM), indicating a depreciation of more than 253.6 per cent over the eight-month period. The forex crisis is also stoking inflation, and coupled with high energy costs, purchasing power has continued plummet, stifling demand for goods.

Speaking on the impact of this development on the manufacturing sector, Director General, MAN, Segun Ajayi-Kadir, said: “There are reports that across the board, many warehouses and plants of many manufacturing firms are stockpiled with unsold goods manufactured last year. “The development is as a result of the devastating effects of the exchange rate crisis, inflation, fake and sub-standard goods, smuggling and other macro-economics challenges.”

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CBN Lifts Ban On BDCs, Introduces New Operational Mechanism

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In a major development aimed at financial stability and strengthening the naira, the Central Bank of Nigeria (CBN) plans to resume its weekly intervention in the country’s foreign exchange (FX) market through the Bureau de Change (BDC) operators.

In 2021, the central bank, in a bid to achieve its mandate of safeguarding the value of the local currency, ensuring financial system stability, and shoring up external reserves, announced the immediate discontinuance of foreign currency sales to Bureau de Change (BDC) operators in the country.

However, the resumed intervention, which would reportedly commence today for funding as well as Tuesday for collection, will see the apex bank inject FX into the subsector in a bid to rescue the naira from further depreciation against major currencies, particularly the US Dollar. The collection will be at designated CBN branches in Lagos, Abuja, Kano, and Awka, while details of the naira accounts to be credited for funding bidding will also be made available today.

CBN is also expected to publish the list of eligible BDCs to benefit from its funding using certain compliance criteria.National Executive Council of Association of Bureau De Change Operators of Nigeria (ABCON) hinted on the latest developments through a memo to its members over the weekend.

The association also warned members that it will no longer be business as usual under the new supervisory regime of the central bank, as any infringement or infraction would result in outright revocation of license and prosecution.

ABCON said through the association’s various engagements with the central bank, in conjunction with ABCON’s strategic partners, CBN had agreed to its request, under the bank’s supervision, to inject liquidity into the market through a weekly intervention beginning today.

CBN assured ABCON that the new circular on the Revised Regulatory and Supervisory Guidelines to BDCs, which was introduced over the weekend, was only a draft exposure that required the association’s inputs before the release of the final guidelines by the apex bank.

To that effect, the letters of the guidelines were not cast in stone, the association’s leadership told its members, who had been worried over the sweeping reforms in the document, which, among other things, prescribed N2 billion and N500 million minimum capital for national and state BDCs, respectively.

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