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Dollar Hits 1,105 At Official Market

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There is no respite yet for the nation’s currency as the naira recorded the biggest fall in recent times exchanging for N1,105 at the Nigerian…

 

There is no respite yet for the nation’s currency as the naira recorded the biggest fall in recent times exchanging for N1,105 at the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Central Bank of Nigeria (CBN) approved official market.

 

The currency depreciated by over N200 within hours after it opened earlier in the day at N830. However, the fall would not last as the currency bounced back, closing at 841.14 yesterday.

According to Reuters, the sharp depreciation of the currency yesterday brought “The official exchange rate within touching distance of the parallel market rate.”

At the parallel market, Daily Trust reports that dollars opened at N1,135 and closed at N1,150 to N1,200.

One of the Bureau De Change (BDC) operators at a popular market in Lagos, Alhaji Hassan Sabo said, “Today we are buying at N1,100 and selling at N1,150.”

Asked on the prospect of the rate dropping, he said, “It cannot come down like that because the dollar is not available, some are not even selling at the rates I just gave you. It might even go up tomorrow.”

A capital market analyst, Samuel Showunmi said the government should return to multiple exchange rates to push the dollars into the market through the BDC.

“What we are seeing now with the banks is currency racketeering within the banking sector as well,” he said.

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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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