Business
Telecoms union threatens strike, issue 14-day ultimatum to MTN over ‘unmet welfare demands’
The Private Telecommunications and Communications Senior Staff Association of Nigeria (PTECSSAN) says it will embark on an industrial strike over an alleged refusal of MTN Nigeria to meet workers’ welfare demands.
Opeyemi Tomori, president of the PTECSSAN, disclosed this in a statement yesterday.
“It has become inevitable that our union issues this 14-day ultimatum to alert the public of imminent industrial action,” the statement reads.
“If any of our demands are not met on or before Feb. 23, 2022, we shall be mobilising in conjunction with other sister unions affiliated to Nigeria Labour Congress workers within and outside the company for industrial actions that will force management to grant our demands.
“Also, the disruption of telecoms service may cause MTN network subscribers, and the adverse effect on their businesses, business partners and associates.
“As daunting as those issues raised back then were, it was the firm belief of our union that the collective bargaining agreement, if negotiated in good faith and signed off by both parties, would go a long way in addressing the concerns of the workers in the organisation.
“Unfortunately, the company has remained adamant, insisting that all the workers’ conditions of service as stated in the company’s policy must remain so and cannot be negotiated.
“This negates the agreement they hitherto signed at the ministry of labour to fully negotiate the workers’ condition of service.”
Business
Naira depreciates to N1,700/$ at parallel market — lowest in seven months
The naira depreciated to N1,700 per dollar at the parallel section of the foreign exchange (FX) market on Friday.
At the end of trading hours, the naira depreciated by 1.49 percent compared to the N1,675/$ traded on Thursday.
The N1,700 per dollar is the lowest the naira has depreciated since February 19, when the naira recorded a low of N1,730/$.
Currency traders, also known as street traders, in Lagos, quoted the buying rate of the local currency at N1,680/$ and the selling rate at N1,700/$ — leaving a profit margin of N20.
Currency traders, also known as street traders, in Lagos, quoted the buying rate of the local currency at N1,680/$ and the selling rate at N1,700/$ — leaving a profit margin of N20.
WEEK-LONG FLUCTUATIONS
At the parallel market on Monday, the naira depreciated to N1,665/$ from N1,663 on September 20.
Maintaining the depreciation streak, the local currency fell further to N1,670 and N1,680 on Tuesday and Wednesday, respectively.
However, the naira rebounded to N1,675 on Thursday.
At the official FX market, the local currency depreciated to N1,562.66 on Monday — from N1,541.52 on September 20.
Subsequently, the naira further depreciated to N1,658.48 on Tuesday and N1,667.72 on Wednesday, before appreciating to N1,576.1 on Thursday.
On January 29, the Central Bank of Nigeria (CBN) said it had begun implementing a comprehensive plan to improve liquidity in the Nigerian FX markets in the short, medium, and long term.
The apex bank said the FX reforms were designed to streamline and harmonise multiple exchange rates, promote transparency, and lessen the likelihood of arbitrage opportunities.
On September 25, Olayemi Cardoso, governor of CBN, said the multiple interest rate hikes have restored confidence in the naira.
Business
CBN extends suspension of processing fees on deposits to March 2025
The Central Bank of Nigeria (CBN) has extended the suspension of processing fees on cash deposits for six months.
The development comes six days before the suspension date initially fixed, expires.
On May 1, banks resumed the collection of processing fees on cash deposits.
Six days later, CBN suspended charges on the deposits until September 30.
However, in a circular directed to all banks, other financial institutions and non-financial institutions, dated September 24, 2024, and signed by Adetona Adedeji, CBN’s director of banking supervision, the apex bank extended the date to March 31, 2025.
“Further to our letter dated May 6, 2024, referenced BSD/DIR/PUB/LAB/016/023, the Central Bank of Nigeria (CBN) hereby extends the suspension of processing charges on cash deposits above N500,000 for individuals and N3,000,000 for corporates,” the apex bank said.
“The previous suspension, set to expire on September 30, 2024, has now been extended until March 31, 2025.
“This suspension pertains to the 2% and 3% fees outlined in the ‘Guide to Charges by Banks, Other Financial Institutions and Non-Bank Financial Institutions, issued on December 20, 2019.”
CBN asked all financial institutions to continue accepting cash deposits from the public without any charges during the period.
Business
Meta unveils John Cena, others as new AI voice clones
Meta, the giant tech company, announced on Wednesday the integration of celebrity voices into its artificial intelligence chatbot, Meta AI, in an effort to compete with products like ChatGPT.
At the Meta Connect 2024 developer conference in Menlo Park, founder Mark Zuckerberg revealed that users of Instagram, Messenger, WhatsApp, and Facebook can now engage in real-time conversations using a variety of voices, including those of celebrities like Awkwafina, Dame Judi Dench, John Cena, Keegan-Michael Key, and Kristen Bell.
While this new voice feature aims to enhance user interaction, it differs from OpenAI’s Advanced Voice Mode for ChatGPT, which is celebrated for its expressive and emotive tones. In contrast, Meta’s offering resembles Google’s Gemini Live, which transcribes speech and reads responses aloud with synthetic voices.
-
Business4 days ago
‘Petrol is economic oxygen’ — Okupe disagrees with Dangote over subsidy removal
-
Politics4 days ago
Senator Otunba Gbenga Daniel Congratulates Governor-Elect Monday Okpebholo on Historic Edo State Victory
-
World1 week ago
Aisha Achimugu bags USA Lifetime Presidential Achievement Award
-
News1 week ago
Edo guber: IGP restricts vehicular movement tomorrow
-
Politics1 week ago
LP crisis: Obi, Alex Otti have betrayed us, says Abure faction
-
Celebrities1 week ago
‘You lack understanding of Afrobeats’ — ID Cabasa replies Buju Banton
-
News1 week ago
NAFDAC shuts Maiduguri market for selling drugs damaged by flood
-
Politics6 days ago
‘I won mine’ — Shaibu taunts Obaseki for losing LGA to APC in Edo guber poll