Members of the organised labour comprising both the Nigeria Labour Congress and the Trade Union Congress, have convened an emergency meeting over the decision of the Federal Executive Council to step down the memo on the minimum wage.

The meeting, according to a top official at the NLC headquarters, will be held at Labour House at 10:00am on Wednesday.

The official said it is meant for discussion on the decision of FEC to step down the memo on minimum wage.

It would be recalled that the Minister of Information and National Orientation, Mohammed Idris, said all 39 items on the agenda of the meeting were all taken except the memo on the minimum wage.

Idris had disclosed that there was a report by the Tripartite committee which comprises of local government, States , NLC/ TUC and the federal government, adding that the committee submitted its report, and there was a memo to that effect.

The minister, however, said Council could not take a decision on it because it involves Local Government, states, FG, Organized Private Sector and Labour unions.

He, therefore, said the memo on the new minimum wage was stepped down so that the President, Bola Tinubu could consult widely before a final submission is made to the National Assembly.

Meanwhile, the NLC official, who spoke to Daily Trust Tuesday night said the entire leadership of the two labour centres would meet and take a unanimous position before the President takes consultation to them.

“Even though we had a position already, we will meet tomorrow morning, (Wednesday) to fine-tune our position before we’re consulted. It is important for us,” the top official said anonymously because he wasn’t authorised to speak to the media.

Members of the organised labour had earlier this month paralysed economic activities of the country with its indefinite strike that lasted only two days which declared to press home their demands on minimum wage.

Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), says the apex bank is “relatively pleased” with the progress it has made in stabilising the naira.

Cardoso, who spoke in an interview with Bloomberg TV on Tuesday, said he believes the excessive volatility may be a thing of the past.

He also said the financial regulator will continue to work hard, adding that it is a work in progress.

“I do believe that we have more or less seen the worst in terms of volatility,” Cardoso said.

“We are also very alive to observing the way and manner in which that market operates and ensuring that it gives the best value that can be accomplished using certain tools.”

Cardoso further said reviving confidence in the naira is crucial for Nigeria to lure investors.

“We’re relatively pleased with where we are,” Cardoso added.

He also said the central bank needs to do more, adding that “it’s continuous work in progress”.

“And we will do everything possible to ensure that we continue to manage the macroeconomic fundamentals that affect that,” he said.

Since the beginning of June, the naira has been trading in a narrow range between N1,473 and N1,490 per dollar at the official market.

However, the naira fell to N1,500/$ on Tuesday – from N1,488 traded on June 24.

‘DATA TO DETERMINE CBN’S MPC STANCE ON INFLATION’

The publication said as the annual inflation rate starts to rise at a slower pace, Cardoso refused to be drawn on whether this could signal the end of the tightening cycle that began in May 2022 — as CBN’s monetary policy committee (MPC) prepares to meet in July.

CBN has been increasing interest rates since May 2022, with the monetary policy rate (MPR) — which is the benchmark for banks’ lending rate — reaching 26.25 percent in May this year.

In May, the inflation rate rose to 33.95 percent compared to 33.69 percent in April.

Cardoso said data will determine the stance of the MPC on inflation movement.

“Data will direct whether they see further hikes or not,” he said.

“The MPC has been very clear in stating that they see inflation as a major impediment for the future of Nigeria, and they will do everything possible to ensure that they keep inflation in check and fact bring it down as reasonably as they can and I don’t see that changing.”

He also said the apex bank’s steps and fiscal reforms undertaken by President Bola Tinubu’s administration have assisted the nation in securing much-needed liquidity.

The World Bank earlier this month approved $2.25 billion in funding to support Nigeria’s economic reforms helping boost its foreign exchange reserves.

The governor said CBN would support further measures to build the country’s reserves including a eurobond issue.

“We should have a diversity of sources,” he said.

Cardoso said it should not just be the eurobond market or just be foreign portfolio investors, but it should be a variety of different things.

Governor Abba Yusuf of Kano state, on Tuesday, settled the bill for the rent of Kano Princess and her mother at Morning Side Suits in Victoria Island, Lagos.

They were stranded until the Kano State Government came to their rescue, the Governor’s spokesman, Sanusi Bature, said.

“The Governor of Kano state Alhaji Abba Kabir Yusuf has again extended his humanitarian gesture to the daughter of late Emir of Kano, Zainab Jummai Ado Bayero, her brother and her mother when he settled the rent bill of the Kano Prince and Princess few hours to the deadline of the eviction notice they were served by the apartment in Lagos,” Bature said.

Bature said he arrived Lagos in the early hours of Tuesday to meet with the General Manager of the apartment where the Ado Bayero family have been living since early this year.

The General Manager, Sunel Kumar, had vowed to evict them by 3pm on Tuesday if the rent was not renewed.

“The Governor’s intervention followed an outcry in the media by Princess Zainab Bayero on behalf of her mother and brother who were neglected by the royal family after the death of the late Ado Bayero.

“Zainab, her brother and her mother have been facing difficult times since the demise of the late Emir of Kano Alhaji Ado Bayero due to the denial of their inheritance.

“Until May 23rd, 2024, Zainab’s half brothers Aminu Ado Bayero and Nasiru Ado Bayero were the emirs of Kano and Bichi emirates in Kano state,” Bature said.

It was gathered Zainab Ado Bayero is a documentary producer who recently worked on the personality profile and documentary of her late father, Ado Abdullahi Bayero.

“You came at the right time, we were about to be forcefully evicted from the facility for our inability to pay the rent, they said today is final, we must move out by 3:00 pm and you came just fifteen minutes to the time, they have already mobilised youths to remove us out of the apartment, Alhamdulillah for your arrival,” Bature quoted Zainab as saying.

Bature, who represented Governor Yusuf in the transaction, said: “the Governor’s humanitarian intervention was due to the fact that many citizens of Kano feel that the matter did not portray the royal family and Kano in good light.

“They are not only members of the royal family, they are our Muslim sisters and brother, currently in need,” Bature stated.