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Naira Shrinks To N1,135/$ At Parallel Market

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The naira on Wednesday weakened to N1,135 per dollar at the parallel section of the foreign exchange (FX) market.

 

The figure represents N15 or 1.35 percent depreciation compared to the N1,120 it traded yesterday.

 

Currency traders known as Bureau De Change operators (BDCs), who spoke in Lagos, quoted the buying rate of the greenback at N1,120 and the selling price at N1,135 per dollar.

“The rate was highly volatile today,” a street trader who identified as Aliyu said.

A parallel market is characterised by noncompliant behaviour with an institutional set of rules

On the official market side, the naira depreciated by 0.55 percent to close at N874.71 to a dollar on Wednesday — from N869.91 on Tuesday.

According to data on FMDQ Securities Exchange, a platform that oversees official foreign-exchange trading in Nigeria, the highest price recorded within the day’s trading was N1097.50/$, before it settled at N745/$.

JP Morgan, a US multinational financial services firm, had projected the naira would trade at about N850 to the dollar before the end of 2023.

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Breaking news: Minimum Wage: Labour rejects FG’s N54,000 offer

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The organised labour has rejected the Federal Government N54,000 new minimum wage proposal.

 

According to reliable source, the meeting on the ongoing negotiations on new minimum wage has been adjourned till Wednesday after the organised labour.

 

Media report has it that the Federal Government upped its offer from its earlier proposed N48,000 to N54,000.

Tuesday’s meeting came as a result of the walkout staged by members of the organised labour following the proposal of N48,000 as minimum wage by the Federal Government during last week’s meeting.

During that meeting, the OPS had also proposed N54,000 while labour insisted on its N615,000 living wage demand.

Our correspondent who spoke to sources who attended the follow-up meeting on Tuesday learnt that the Federal Government upped its offer from N48,000 to N54,000.

“Well, during the meeting, the government increased its offer from N48,000 to N54,000. However, labour rejected that offer and the meeting has been adjourned till Wednesday,” a source who asked not to be named said.

When asked if the government’s side was showing any sign of seriousness, the labour leader said, “No seriousness at all. Even state governors did not show up. Those who represented them, like Bauchi and Niger states, did not have the mandates to speak on their behalf.

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Real Madrid’s goalkeeper shares recovery insights after two injuries

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Real Madrid goalkeeper Thibaut Courtois has opened up about his recovery journey following two serious knee injuries.

 

Courtois said, “In August, I cried because the worst thing that can happen to you in football is a cruciate ligament injury. When I returned home, I said that I was going to work hard and come back stronger. That was my idea from the beginning: to stay positive, fight, never give up, and push my limits.

 

“Many thought my season was over, but I knew it wasn’t,” Courtois told Marca.

Recall that for most of the current season, Courtois missed out due to two injuries: a cruciate ligament tear and a meniscus injury. In his absence, first-choice goalkeeper was Chelsea’s loanee Kepa Arrizabalaga, and later, he faced competition from Andriy Lunin.

Upon his return, Courtois played in 3 La Liga matches, keeping clean sheets in all of them. In the last game against Alaves, the Belgian made 10 saves.

Earlier, it was reported that Courtois’ recovery from injury will be featured in a documentary series.

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