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Edo Govt Increases Workers Minimum Wage

The Governor Godwin Obaseki-led Edo State Government has increased the minimum wage (salaries and pension) for State workers.

In a statement to Naija News signed by the Secretary to the State Government, Osarodion Ogie, the government revealed that payment reflecting the increase has commenced.

The statement said: “The Governor of Edo State, Mr. Godwin Obaseki has approved the payment of retirees’ pension and workers’ salaries for the month of May, reflecting the new N40,000 minimum wage.

“This is in fulfillment of the statutory obligations to workers and also a reflection of the governor’s expert and judicious management of the state’s resources.”

Recall that Obaseki had on Workers Day announced the increment of the minimum wage in the state from N30,000 to N40,000.

He noted that the increase was necessary to help workers overcome the country’s overbearing economic challenges, which have caused galloping inflation among other socio-economic dislocations.

CBN Spends $3.36bn To Stabilize Naira
Meanwhile, the Central Bank of Nigeria has in defence of Naira stability dolled out the sum of $3.36bn into the foreign exchange market.

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The reported figure was injected in two months, the apex bank revealed in January monthly report on Foreign Exchange Market Developments.

The report showed that $1.71bn and $1.65bn were injected in December 2021 and January 2022 respectively.

In his narration about the Naira stability, the President of the Association of Bureau de Change Operators of Nigeria, Alhaji Aminu Gwadabe, said it was difficult for the naira to be strong because a lot of parameters were against it.

“Total foreign exchange sales to authorised dealers by the Bank was $1.65bn in January, representing a decrease of 3.1 per cent, relative to $1.71bn in December 2021.

“A breakdown shows that foreign exchange sales at the Small and Medium Enterprises window, interbank/invisible foreign exchange sales and matured swaps contracts rose by 24.4 per cent, 25.9 per cent, and 60.8 per cent to $0.14bn, $0.18bn and $0.21bn, respectively, in January, relative to the amount in December 2021,” the CBN monthly report noted.

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