CBN speaks on introducing new Naira policy, to exchange $1 for ₦125
The Central Bank of Nigeria (CBN) has unequivocally distanced itself from a widely circulated announcement regarding a purported new Naira policy in the country.
The apex bank made its stance known via its official X (formerly Twitter) account, urging the general public to disregard the viral publication and categorizing it as false news.
In this viral publication, it was claimed that the CBN was planning to introduce a new Naira policy by November 2023, which would result in the United States dollar ($1 USD) being exchanged for N125 Naira.
The publication further alleged that the CBN was introducing a currency redenomination as part of this policy.
Redenomination is a process where a new unit of currency replaces the old one with a specific conversion ratio. This is often achieved by eliminating zeroes from the currency or shifting decimal points to the left.
The goal is to rectify perceived issues in the currency's value and pricing structure, thereby enhancing the credibility of the local currency.
The CBN's swift response aims to quell any potential misinformation or confusion among the public. It underscores the importance of relying on official communications from authoritative sources, particularly when it comes to significant financial matters and policy changes.
It is crucial to be discerning and cautious when encountering viral news, as not all information circulating on social media and other platforms is accurate or endorsed by relevant authorities.
Next Monday, President Tinubu will announce a new minimum wage
President Bola Tinubu is reportedly set to make a significant announcement regarding a new minimum salary for Nigerian workers in the coming week.
This development follows crucial discussions on ending fuel subsidies between the Trade Union Congress (TUC) and the federal government.
The discussions on the wage issue have involved President Tinubu and Minister of Finance Wale Edun, as confirmed by the federal government's Minister of Labor, Simon Lalong.
Comrade Festus Osifo, the President of the TUC, shared this information during an appearance on ChannelsTV's "Politics Today" program on the evening of September 19, 2023.
Osifo emphasized that Nigeria's openness to business is not the question at hand; rather, it's about how much of the world is genuinely willing to engage in business with Nigeria and Africa on an equitable and mutually beneficial basis.
The TUC has issued a two-week ultimatum to the federal government to respond to their demands or face the risk of widespread industrial action.
Despite Minister Lalong's request for additional time due to the president's travel commitments, the TUC remains unwavering in their commitment to achieving a swift resolution.
During the discussions, the TUC and the federal government have not only considered the minimum wage but also the equitable distribution of palliatives to various states.
Comrade Osifo stressed the TUC's dedication to monitoring the efficient and fair distribution of relief measures, with a keen interest in scrutinizing the implementation process. Furthermore, the talks covered concerns related to taxes and compressed natural gas (CNG), with a focus on addressing these issues in a constructive manner.
President Tinubu emphasized the need for international organizations, other countries, and private sector operators to prioritize African growth. This underlines the importance of fostering equitable and mutually beneficial relationships to support economic development in Nigeria and the broader African region.
The forthcoming announcement of a new minimum salary for Nigerian workers signifies a significant step in this direction.
Watch the video short below
A very nice move by the president regarding the announcement for the new minimum wage
Yes o, allow the poor breath