Economy
Hurricane at CBN; 1,000 workers set to go into unemployment market
Barring any last-minute changes, the Central Bank of Nigeria (CBN) will soon retire about 1,000 of its employees before the end of the year, investigations have shown.
Reliable sources at the apex bank’s headquarters revealed that the retirement would gulp over N50 billion in payoff to the affected workers.
In what it described as a strategic realignment of its workforce, the CBN’s Board of Governors, led by Olayemi Cardoso, had expressed commitment to reducing the workforce.
In the last 10 months,t the CBN had disengaged many of its staffers, including 17 directors, who served under the immediate past governor, Godwin Emefiele.
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Those 17 directors are yet to be replaced.
A circular released three weeks ago by the CBN, sighted yesterday by our reporter, said the application for Early Exit Package (EPP) was open to all cadres of staff and will close by Saturday, December 7.
Exempted are those yet to be confirmed or who have served less than one year “as of the date of publication with the effective date of exit set at 31 December, 20, 2024.
Officials told Daily Trust that the apex bank was targeting retirement of over 1,000 staff members.
The officials, who pleaded anonymity, told our correspondent that at least 860 staff from the various departments have already applied for the EPP.
The management described the EEP as a voluntary programme offering eligible employees an incentive to exit the CBN early, “while providing employees seeking other career options a great opportunity for early exit.”
It cautioned that the staffers could not change their minds after applying, saying that all completed and submitted applications are final.
The EEP stated that financial incentives for senior supervisors to deputy managers shall be for the remaining period in service, up to a maximum of 60 months of current grade’s gross annual emoluments.
It also noted that financial incentives for managers shall be for the remaining period in service, up to a maximum of 36 months of current grade’s gross annual emoluments.
“Financial incentives for all other cadres of staff shall be for the remaining period in service, up to a maximum of 18 months of current grade gross annual emoluments,” it added.
The EEP also provides for non-financial incentives, including “financial planning and entrepreneurial capacity building programme, purchase of laptops in line with the Bank’s current policy and extended medical care for an additional three months for self and dependents after the expiration of the three-month current provision of access to medical windows care by exited employees.”
‘They’re offering me N97m for 4-yr service’
A staff member, who spoke to our reporter, said: “The way they dated the offer, you’ll know that the target is actually from senior supervisors to deputy managers. If you look at it, they’re mostly those that came in within the 9 years of Governor Emefiele.
“For instance, I’ve worked for 4 years in the bank; the package they’re giving me is between N92 million to N97 million.
“Some others have worked up to a manager level and are only entitled to N64.5 million. So, the more time you have to go, the more money they pay you because you know, for them, you don’t have gratuity”, the staff said.
Another staff told Daily Trust yesterday that during a webinar held on Friday, the Human Resource Department of the bank expressed the apex bank’s decision to get the number it was targeting for the EEP.
“There is serious tension, serious apprehension. You can imagine the atmosphere. It is terrible.
“As of Friday, there were 860 people so far that have indicated interest in the EEP,” the staff said. (Text, excluding headline: Daily Trust)
Black Market Dollar (USD) To Naira (NGN) Rate As Of December 18, 2024Wondering about the current Dollar to Naira exchange rate at the black market, also known as the parallel market? Here’s the latest update for December 17, 2024, along with the rates for buying and selling US dollars in the Nigerian black market.
How Much is a Dollar to Naira Today in the Black Market?
As of Tuesday, December 17, 2024, the exchange rate at the Lagos parallel market (Black Market) stands as follows:
•Buying Rate: N1665
•Selling Rate: N1675
These rates reflect what buyers and sellers are willing to trade US dollars for in the black market. However, please keep in mind that these rates are subject to change and can fluctuate based on supply and demand.
Dollar to Naira Black Market Rate – December 17, 2024
•Buying Rate: N1665
•Selling Rate: N1675
Dollar to Naira CBN Rate Today
The official Central Bank of Nigeria (CBN) rates differ from those in the black market. For today, the CBN exchange rate for the Dollar to Naira is:
•Highest Rate: N1555
•Lowest Rate: N1520
It’s important to note that the Central Bank of Nigeria (CBN) does not endorse the black market exchange rate. The CBN encourages individuals to conduct their foreign exchange transactions through approved channels, such as commercial banks and licensed Bureau De Change (BDC) operators.
Please be aware that the exchange rates for buying or selling foreign currency may differ from the values listed here, as they can vary throughout the day. Always confirm rates with your local dealers before making any transactions.
The exchange rate for the Dollar to Naira in the black market (parallel market), also known as the “Aboki FX” rate, is as follows for 15th December 2024:
•Buying Rate: ₦1,660
•Selling Rate: ₦1,670
This rate reflects the price at which traders in the Lagos parallel market (black market) are buying and selling dollars, as reported by sources at Bureau De Change (BDC).
It is important to note that the Central Bank of Nigeria (CBN) does not officially recognize the parallel market and encourages individuals to conduct foreign exchange transactions through authorized banks.
Central Bank of Nigeria (CBN) Rate for Dollar to Naira
•Highest Rate: ₦1,549
•Lowest Rate: ₦1,520
The rates you receive may vary slightly from those mentioned here, as forex prices fluctuate based on market conditions.
CBN Takes Tough Action on New Naira Notes
In another development, the Central Bank of Nigeria (CBN) has imposed a ₦150 million fine on commercial banks found guilty of supplying newly minted naira notes to currency hawkers. This move is part of the CBN’s ongoing efforts to prevent the illegal trade of naira notes and ensure proper circulation to the public.
The penalty comes as the CBN reaffirmed the continued validity of the old ₦1,000, ₦500, and ₦200 notes following a Supreme Court ruling on November 29, 2023. The CBN also warned against the hoarding of cash, which disrupts the smooth flow of money in the economy.
The Nigerian National Petroleum Company Limited, NNPCL, has reduced the price of Premium Motor Spirit (petrol) across its retail outlets in the Federal Capital Territory, Abuja.
According to a reporter from Dailypost who visited NNPCL retail outlets observed that the petrol pump price was reduced from N1,060 to N1,040 per litre. This represents a reduction of N20.
“The price was reduced to N1,040 per litre from N1,060 on Saturday morning,” a filling station attendant at the NNPCL retail outlet along Kubwa expressway said.
A motorist, Ezekiel Njoku, confirmed the development.
“The reduction of N20 is significant. We need further fuel price reductions in the coming days,” he said.
With the price cut, Nigerians will now buy petrol at N1,040 per litre at NNPCL filling stations, while prices remain within N1,115 per litre at other filling stations, depending on the location.
This development comes barely three weeks after the state-owned Port Harcourt refinery began producing petroleum products in November 2024.
The former Managing Director of NNPCL Retail, Prof. Billy Okoye, had earlier speculated that a fuel price reduction was imminent with the commencement of production at the Port Harcourt refinery.
Oil marketers, the Independent Petroleum Marketers Association of Nigeria, IPMAN, and the Petroleum Products Retail Outlets Owners Association, PETROAN, had also hinted that the deregulation of the sector—coupled with the operations of Dangote and Port Harcourt refineries—would lead to a drop in petrol prices.
SEE Black Market Dollar (USD) To Naira (NGN) Rate As Of December 18, 2024
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