The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso has stated that the country’s external reserve has increased to $36.89 billion as of July, 16 2024. CBN Governor, Mr. Olayemi Cardoso, made this statement during an engagement with the Senate Committee on Banking, Insurance, and Other Financial Institutions in Abuja on Friday. He noted that the CBN’s monetary policies and actions have stimulated growth and stability in the nation’s economy. According to him, the nation’s external reserves of the end of June, could finance over 11 months of imports for goods and services, or 14 months for goods alone. Cardoso explained that this is significantly higher than the international benchmark of 3.0 months, indicating a strong buffer against external shocks. He also noted that the banking sector remains robust and diverse, comprising 26 commercial banks, six merchant banks, and four non-interest banks. He said, “The spread between official and BDC rates has narrowed significantly from N162.62 in January to N47.22 in June indicating successful price discovery, increased market efficiency and reduced arbitrage opportunities. “The stock of external reserves increased to 36.89 billion dollars as of July 16, compared with 33.22 billion dollars as at end-Dec 2023, driven largely by receipts from crude oil-related taxes and third-party receipts. In the first quarter of 2024, we maintained a current account surplus and saw improvements in our trade balance.”

Governor Ademola Adeleke of Osun State has assured workers in the state of paying the new minimum wage of N70,000.

Adeleke assured workers that he won’t default in the payment of the minimum wage because their welfare is his priority. The governor spoke through his Commissioner for Information, Kolapo Alimi in Osogbo, the state capital.

Adeleke said after the National Assembly might have passed the bill and finalised with every other thing on it, the state government would abide by the rule because “it has become a law”. He said: “Our governor is a lover of workers; his first agenda is to prioritise the welfare of workers both active and non-active.

“Governor Adeleke will not be among the defaulters of the new minimum wage. Osun State will never deviate from the law on minimum wage.”

Recall that President Bola Tinubu had approved the sum of N70,000 as new national minimum wage during a meeting with the organized labour. Labour had demanded for N250,000 but representatives of the Nigerian government opted for N60,000. However, the president approved N70,000 for workers during the week.

Similarly, Governor Hyacinth Alia of Benue State assured workers in the state of his administration’s readiness to pay N70,000 new minimum wage.

Alia gave the assurance while addressing journalists in Makurdi, the state capital. The governor said his administration has blocked all the leakages, hence can pay N70,000 minimum wage.

According to Alia: “Though with harsh economy things have been stagnated but with all the plans and measures that are in place for things to function, things are moving, even our internally generated Revenue has increased

“It’s now left for us to close all loopholes to see how much we can cash in to do other things, even to pay salary. “We can pay (minimum wage) with our focus. With all purpose and intent, what is agreed by the Federal Government, we the sub nationals should be able to queue in today.

“Without the workforce, any government will not have any centeredness of governance. So, we need to pay our civil servants with what is approved by the Federal Government and organised labour.”