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Forex constraint devalues naira to 380/$.

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Shortage of forex in the economy caused the naira to fall below the official rate of by 3.5 per cent to N380/$1 from N360/$1 according to the Central Bank of Nigeria.

The Deputy Governor, Financial Systems Stability Directorate, CBN, Aishah Ahmad, said this in her presentation at the last Monetary Policy Committee meeting. She said,  “For instance, in response to supply constraints at the foreign exchange market, the exchange rate depreciated by 5.3 per cent from N360/$ to N380/$. “Headline inflation inched up year-on-year to 12.34 per cent in April 2020 from 12.26 per cent in March 2020 – driven primarily by disruptions in food supply chains and exacerbated by restrictions imposed across the country to curb spread of the coronavirus.”

The CBN has however retained N360 as its official exchange rate on its website as of Friday. “Furthermore, the manufacturing and non-manufacturing Purchasing Manager’s Indices declined significantly to 42.4 and 25.3 index points, respectively, in May 2020, compared with 51.1 and 49.2 index points in March 2020.

All of these signal significant challenges ahead for the economy.”

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ASUU chapters at loggerheads after FG offer to end 8-month strike.

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The controversy generated by the ongoing strike between the federal government and the leadership of the Academic Staff Union of Universities (ASUU) is yet to abate despite the pleas from Nigerians.

The Nation reports that some branches of ASUU were divided over whether to accept the federal government’s offer and call off their eight-month-old strike. Legit.ng gathered that the union would harmonise the positions of zones and branches at a meeting in Abuja on Friday, November 27. The minister of labour and employment, Chris Ngige, addressing the leadership of ASUU in Abuja over the strike. The report said while some branches insisted that the government must meet all the demands before the strike is called off, the union may put the decision to a vote. It was learnt that the Ahmadu Bello University branch agreed with the government on the N40 billion Earned Academic Allowance (EAA).

The branch, however, called for payment of the allowance before the strike will be called off. The newspaper noted that the lecturers at the Federal University of Petroleum Resources, Delta state, said negotiations with the federal government must be concluded before the strike is called off. The chairman of ASUU at the university, Ezekiel Agbalagba, said the congress on Wednesday, November 25, accepted the EAA, but rejected the N25 billion for the revitalisation of the varsities.

He said:

“We are willing to suspend the strike, but some of those contending issues should be thrashed and thrashed once.”
Meanwhile, Legit.ng had previously reported that the authority of the University of Calabar (UNICAL) directed all non-teaching staff of the institution to resume work on Friday, November 27, with cutlasses, hoes, brooms, and buckets to clear overgrown grass, sweep offices as well as keep the environment clean.

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