Business

Minimum Wage: We’re Monitoring NASS, Says NLC

Published

5 years ago

January 15, 2019

Minimum Wage: We’re Monitoring NASS, Says NLC

The Nigeria Labour Congress has said it is awaiting the transmission of an executive bill on the new minimum wage from the Presidency to the National Assembly.

There has been fear of fresh crisis in the negotiation between the organised labour and the Federal Government on the new minimum wage. The fear followed a disclosure by a source at the NASS that lawmakers would go on another recess on or before the presentation of the bill on January 23, 2019.

The recess, it was gathered, would enable the lawmakers to prepare for elections in the February 2019 elections.

The General Secretary of the Nigeria Labour Congress, Peter Ozo-Eson, told our correspondent in an exclusive interview in Abuja that the union was watching the situation with interest and monitoring the activities of the National Assembly and Federal Government on the new minimum wage.

He said, “All we are concerned with is the agreement we have with the FG (transmission of the bill on or before January 23, 2019.) The matter of election timetable is up to them (FG and NASS). All we are concerned with is the Memorandum of Understanding that we had with the FG which has dates that things should be done. However they get that done within the election timetable is their own business.

“We do not want to keep going back and forth on this matter. We are holding the FG responsible for honouring the MoU which says the executive bill will be at the NASS by January 23, 2019. Once that is done, we will know how to engage the NASS.”

Also speaking with our correspondent on the matter, the NLC’s Head of Information and Public Affairs, Benson Upah, said the new twist about election timetable and NASS recess were unnecessary distractions.

Upah said, “We are monitoring the situation at the NASS and hoping for the best and NASS members’ support to pass the bill. NASS members have in the past made sacrifices to advance the course of labour and democracy in the country. Therefore, we rely on them and will continue to solicit their support and understanding to ensure that this bill does not suffer any setback on account of their absence or otherwise.”

Asked if the NLC was worried that the issue of election timetable was being introduced into the process despite the MoU between the organised labour and the FG, Upah said it was an issue that were not envisaged by parties involved in the discussion in the past two weeks.

“When this process was perfected, we at labour did not envisage that it would drag to this time of the year. But now that it has happened, our prayer remains the support of the NASS members,” he noted.

After the MoU was signed, labour unions said it would take action if the FG failed to honour the bill transmission on the said date. When asked if the threat was still on the table if the FG failed to play its part on account of NASS recess for the elections, Upah said NLC and other unions would review the matter at the appropriate time.

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Samed Olukoya

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Merger and Acquisition

Bitmama Inc. Acquires Payday, Expanding Fintech Footprint in Nigeria

Published

12 hours ago

December 5, 2023

Investors King

Nigeria’s blockchain payments platform Bitmama Inc. has successfully acquired Payday, a virtual card service provider.

The acquisition, facilitated through Bitmama’s cross-border payments product, Changera, signals a pivotal shift in the industry and consolidated the blockchain payment platform by acquiring 100% of Payday’s customer base.

Launched in 2021, Changera is set to absorb key personnel from Payday, spanning various departments like marketing, customer service, and engineering.

While specific details of the financial terms remain undisclosed, a source close to the matter revealed that the acquisition process is approximately “85% complete.”

For the over 300,000 customers formerly under Payday’s purview, the transition to Changera’s care promises a seamless experience, with minimal noticeable changes.

Despite Payday CEO Favour Ori’s integration into Bitmama’s team remaining uncertain, Changera is well-positioned with an established leadership and a robust technical team.

A senior member of Bitmama’s management assured that Payday’s brand will persist but will now operate under the broader umbrella of Changera, supported by its stablecoin infrastructure.

This integration aims to address operational challenges faced by Payday, such as industry-wide charge-back fraud, disruptions in Mastercard services, and the departure of senior team members.

Post-acquisition, Bitmama plans to embark on an ambitious roadmap, including the development of a new solution enhancing foreign exchange (FX) transactions for African businesses.

Anticipated for launch in Q1 2024, this solution aims to facilitate smoother and more efficient B2B cross-border financial interactions.

The acquisition of Payday by Bitmama aligns with the broader trend of strategic consolidations within the fintech industry, reflecting a pattern where companies seek partnerships and acquisitions to overcome market challenges and scale operations.

This move mirrors similar strategic consolidations, including the acquisition of Chaka by Risevest in September 2023, underscoring the industry’s drive towards collaborative growth.

Business

How Much is Dollar to Naira Today December 5th 2023 in Black Market

What is the Dollar to Naira exchange rate at the parallel market, known as the black market (Abokifx) today? As of December 5th, 2023, the dollar to naira exchange rate is 1 USD to 1170 NGN at the black market.

Published

14 hours ago

December 5, 2023

Investors King

What is the Dollar to Naira exchange rate at the parallel market, known as the black market (Abokifx) today? As of December 5th, 2023, the dollar to naira exchange rate is 1 USD to 1170 NGN at the black market.

This means that for every one US dollar, you can exchange it for ₦1170, Investors King reports.

This digital business news platform has obtained the official dollar to naira exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC) rate, and CBN rates.

How Much is Dollar to Naira Today in the Black Market?

This rate is subject to change depending on a variety of factors including global economic trends, political developments, and market fluctuations. However, you can buy and sell 1 USD at ₦1170 and ₦1165 as of the time of writing today.

What is the current exchange rate of the dollar to naira in the black market today?

According to Investors King, as of the time this report was filed, a dollar can be purchased at the Lagos parallel market (black market) for ₦1170 and sold for ₦1165.

Exchange Rate of Dollar To Naira in Black Market Today?

Dollar to Naira (USD to NGN)	Black Market Exchange Rate Today
Selling Rate	1165
Buying Rate	1170

Central Bank of Nigeria (CBN) Naira Exchange Rates for Banks

Date	Currency	Buying(NGN)	Central(NGN)	Selling(NGN)
12/4/2023	US DOLLAR	815.955	816.455	816.955
12/4/2023	POUNDS STERLING	1030.3064	1030.9377	1031.5691
12/4/2023	EURO	883.8425	884.3841	884.9257
12/4/2023	SWISS FRANC	934.3353	934.9078	935.4804
12/4/2023	YEN	5.5522	5.5556	5.559
12/4/2023	CFA	1.5594	1.5694	1.5794
12/4/2023	WAUA	1267.6093	1268.386	1269.1628
12/4/2023	RIYAL	217.5068	217.6401	217.7734
12/4/2023	DANISH KRONA	118.5292	118.6018	118.6745
12/4/2023	SDR	1087.0968	1087.763	1088.4291

Investors King understands that although the dollar to naira opened at N1170 per $1 in the parallel market today, the Central Bank of Nigeria (CBN) does not acknowledge the parallel market, also referred to as the black market. The CBN has instructed individuals in need of forex to approach their bank as the I&E window is the sole recognized exchange.

On Tuesday, December 5th, 2023, individuals in the black market purchased one US dollar for N1170 and sold it for N1165. This shows that the value of the Naira declined when compared to Friday, December 1st, 2023 when the local currency was exchanged at N1155 to a Dollar and a Dollar was purchased at N1150.

To stay informed about the dollar to naira exchange rate, there are several reliable sources that you can turn to. Here are some tips for staying up-to-date:

Check the Central Bank of Nigeria’s website: The CBN is responsible for regulating the country’s monetary policy and is a reliable source for the latest exchange rates. You can check their website regularly for updates.
Follow financial news outlets: Financial news outlets such as Investors King, Bloomberg, Reuters, and CNBC provide regular updates on the global currency markets, including the dollar to naira exchange rate.
Use online currency converters: There are a number of online currency converters that allow you to quickly and easily check the exchange rate between the dollar and the naira.
Follow social media accounts of financial experts: Following social media accounts of financial experts such as analysts, economists, and financial advisors can give you valuable insights into the latest trends in the currency markets.

By staying informed about the dollar-to-naira exchange rate, you can make informed decisions when buying or selling foreign currencies. Whether you are a business owner looking to trade in foreign currencies or an individual looking to invest in the currency markets, knowledge of the latest exchange rates is key to success. Keep these tips in mind and stay informed about the latest trends in the global currency markets.

Merger and Acquisition

Oppenheimer Acquires Full Control of Nigeria’s GZ Industries in Bet on Economic Revival

Published

4 days ago

December 1, 2023

Investors King

Jonathan Oppenheimer, scion of South African billionaire Nicky Oppenheimer, has secured full ownership of Nigeria’s largest beverage can manufacturer, GZ Industries Ltd.

Oppenheimer Partners Ltd. concluded the acquisition of the remaining shares from Affirma Capital, formerly known as Standard Chartered Private Equity.

While financial details were not disclosed, the private equity firm previously held a 37.5% stake in GZ Industries, a major supplier of cans to global brands such as Coca-Cola.

The move positions Jonathan Oppenheimer to play a pivotal role in shaping GZI’s growth trajectory in sub-Saharan Africa.

With urban, educated adults in the region leading global sugary drink consumption with 12.4 servings per week, GZI’s strategic importance in meeting this demand is underscored.

Oppenheimer Partners initially invested in GZI in 2018, coinciding with the establishment of a factory in South Africa, where the company now commands a 20% market share.

GZI, a producer of 3 billion aluminum cans annually in Africa, competes with Nampak Ltd., which is currently undergoing restructuring efforts.

Affirma Capital’s exit from GZI aligns with its broader investment strategy in Africa, having invested in 11 companies since 2008, with eight successful exits returning over $800 million to investors.

Jonathan Oppenheimer, part of the wealthy Oppenheimer family, inherits a substantial role in GZ Industries, further diversifying the family’s portfolio, which amassed significant wealth through the 2012 sale of their stake in De Beers for about $5 billion.

The family’s combined net worth is estimated at $9.4 billion, according to the Bloomberg Billionaires Index.

As Nigeria’s President Bola Tinubu outlines ambitious spending plans for 2024, the acquisition positions GZI strategically in a potentially thriving economic landscape.