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Reps to investigate use of dollar as legal tender in Nigeria

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The house of representatives has asked the Central Bank of Nigeria (CBN) to address recurring depreciation of the naira against the dollar.

The lower legislative chamber passed the resolution during the plenary session on Tuesday after the adoption of a motion sponsored by Ismaila Haruna Dabo, a lawmaker, from Bauchi state.

The house also resolved to investigate the alleged use of US dollars and other foreign currencies as legal tenders for domestic transactions in the country.

The naira has consistently experienced variations in value ever since the CBN introduced the currency float policy, which now permits market forces to determine exchange rates.

On September 12, the CBN instructed deposit money banks (DMBs) to refrain from using profits derived from the revaluation of the naira for dividend payments or operational financing.

A currency revaluation takes place when the value of a currency is raised in relation to another currency within a fixed exchange rate system.

While moving the motion, Dabo said the “alarming exchange rate” has impacted Nigeria’s economy, causing “untold hardship” due to increased demand for dollars and a dollar shortage.

He said about 90 percent of Nigeria’s total export earnings are from oil, which is the mainstay of the country’s economy.

He added that changes in the price of oil around the world “have a big impact on the country’s foreign exchange market”.

“This explains why the naira has continued to depreciate,” he said.

“Nigeria’s foreign exchange inflows are lagging despite unification in June, with high demand for foreign currency and limited access to official markets incentivizing black market purchases, the naira has lost a greater percent of its value against the dollar.”

The legislator said inflation, cost of living and the depreciating naira make imported goods more expensive, leading to higher inflation rates.

According to Dabo, the increased cost of living “disproportionately” affects the most vulnerable citizens as they struggle to afford basic necessities which are “now glaring across the country”.

He said the continued depreciation of the naira could increase Nigeria’s external debt servicing costs, potentially reducing government spending on critical sectors like healthcare and education.

Contributing to the debate, Ademorin Kuye, a lawmaker from Lagos, alleged that some airlines, schools and real estate have been insisting that Nigerians make payments in dollars.

He said such a demand violates the CBN Act which states that only naira is an acceptable currency as a legal tender in the country.

“These are serious matters that should be looked into,” he said.

The motion was voted for when it was put to a voice vote by Ben Kalu, deputy speaker, who presided over the plenary.

The house asked the CBN to implement monetary policy adjustments to “stabilise the currency and address speculative activities in the forex market”.

The lower chamber also asked the apex bank to “increase the withdrawal limit of the naira to reduce the pressure on dollars and other foreign currencies”.

The lawmakers also asked the federal government to promote exportation and reduce importation by enhancing foreign investors’ confidence in its fiscal and monetary policies.

The house mandated the committees on banking regulations and national security and intelligence to “interface” with the CBN to initiate compliance strategies.

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Ghana’s inflation rises to 23.8% — highest in eight months

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Ghana’s consumer inflation rate rose for the fourth consecutive month to 23.8 percent in December 2024.

Samuel Kobina Annim, government statistician at the Ghana Statistical Service (GSS), announced the figure to journalists in Accra on Wednesday.

Ghana’s inflation rate started rising in September last year, when it rose to 21.5 percent, then climbed further to 22.1 percent in October and 23 percent in November.

Annim said the inflation rate recorded at the end of last year was the highest in eight months.

“The rate of inflation… is the third highest in the last 13 months and highest in the last eight months,” Annim said.

Also, food inflation saw a significant jump, rising from 25.9 percent in November to 27.8 percent in December.

Annim attributed the increase to the contributions from specific food items, such as yams, showing drastic year-on-year price hikes of 63.3 percent.

He also highlighted the need for a dual approach to tackling inflation, addressing both monetary and real-sector issues.

“We do emphasise that there are two perspectives in addressing inflation. One is the monetary side… and the other is the real side, with what we’ve seen with food inflation, more particularly the food that we consume, that are locally produced,” he added.

Annim urged policymakers to focus on production, value chains, transportation, warehousing, and reducing post-harvest losses to stabilise food prices.

“Policymakers put in diverse interventions, rather than focusing on, let’s say, only exchange rate or focusing on just some selected items that do not cover the variety of food items that influence food prices,” he said.

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Governor Sanwo-olu signs N3.366trn 2025 budget

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Lagos State Governor, Babajide Sanwo-Olu, on Thursday, signed the 2025 appropriation bill into law.

The Special Adviser on Media and Publicity to the Governor, Gboyega Akosile, made this known in a post on his X handle.

He said the budget size is N3.366 trillion meant for the continuation of the great works of the Sanwo-Olu administration.

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Italy extends work visa for skilled workers for 2025

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Italy is taking steps to address its significant shortage of skilled workers by keeping its Work Visa for Highly Qualified Workers program open for 2025.

The country, which is known for its rich culture, food, and history, has faced increasing demand in sectors such as IT, healthcare, and green energy.

These industries are crucial to Italy’s economic growth, and the government is working to meet these demands by attracting foreign talent.

Italy is making considerable efforts to improve its labour market by introducing a series of policy changes to simplify the visa application process, DAAD Scholarship reports. The country’s Work Visa program is designed to bridge the gap between the available talent and the growing need for highly skilled workers.

Italy’s work visa aims to address skill shortages 

The Work Visa for Highly Qualified Workers aims to address the skill shortages in key sectors, including information and communication technology (ICT), healthcare, and renewable energy. By opening its doors to foreign professionals, Italy hopes to fill critical positions that are difficult to staff with local workers.

This program is expected to boost the economy by bringing in skilled professionals who can contribute to sectors vital to Italy’s long-term economic stability.

The visa allows skilled workers to live and work in Italy while helping the country meet its industrial needs. In 2025, the visa is seen as a way to attract experts from around the world who can fill gaps in sectors where there is a high demand for specialized knowledge and experience.

Key changes to Italy’s work visa policies for 2025 

Significant changes have been made to the Italian Work Visa policies to streamline the application process and ensure faster processing times. One of the major updates is the increase in quotas for non-EU workers.

  • Last year, the Italian government raised the quota for work permits from 151,000 to 165,000. This adjustment reflects the increasing need for foreign workers across multiple sectors.
  • Another notable change is the introduction of digital processes to simplify the visa application. By March 2024, the Italian government implemented digital contracts and the use of certified email (PEC), which have reduced the need for in-person visits to immigration offices.
  • In July 2024, Italy also revised its EU Blue Card requirements, lowering the minimum work contract duration from 12 months to six months. Additionally, the salary threshold was adjusted to fall between 1 and 1.6 times the average gross salary in Italy.

The introduction of sector-specific permits for healthcare roles also occurred in October 2024. An additional 10,000 permits were introduced for family and social healthcare assistance positions to meet the growing demand in the healthcare sector.

Streamlined application process for 2025 work visa 

The new application process for the Work Visa for Highly Qualified Workers in 2025 is designed to be faster and more accessible. The digital system allows employers to pre-fill applications for their workers, saving time and reducing paperwork.

The application process is simplified, with designated “click days” for submission, including February 5th, 7th, and 12th, 2025, depending on the applicant’s category, reports inform.

Once an application is submitted, both the employer and the applicant will be notified of the decision within a specified timeframe. Digital contracts and integration agreements also reduce the need for physical paperwork, further speeding up the process.

High-demand sectors for Italy’s work visa program 

The Italian Work Visa for Highly Qualified Workers targets skilled professionals in several key sectors. These include:

  • ICT: Software developers, data analysts, AI specialists, and cybersecurity experts are highly sought after.
  • Healthcare: Nurses, physiotherapists, caregivers, and healthcare assistants are in demand.
  • Green Energy: Engineers focused on renewable energy are needed to help Italy meet sustainability goals.
  • Construction: Skilled laborers, engineers, and project managers are sought to address Italy’s infrastructure needs.
  • Hospitality: Chefs, hotel managers, and tourism professionals are needed to support Italy’s vibrant tourism industry.

Where to find jobs with visa sponsorship in Italy 

For those looking to apply for the Work Visa for Highly Qualified Workers, several job portals can help candidates find employment in Italy. Some popular websites where job seekers can find roles with visa sponsorship include:

The program offers a valuable opportunity for professionals in high-demand sectors to contribute to Italy’s economy and enjoy living in one of Europe’s most attractive countries.

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Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.

She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others

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