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[OPINION] The General Strike of 1945 and the Tudor-Davies Commission - Izielen Agbon
“If we are going to get equality, if we are going to get adequate wages, we are going to have to struggle for them.” - Martin Luther King, Jr.
One of the great tragedies of Nigeria’s political history is that, when they become the nation’s President, former military dictators pretend to be born again democrats while former democrats pretend to be courageous military dictators. PBAT threw an unprovoked vicious jab at the labour unions. He said, “ You are not the only voice of Nigerians.” This is like poking lions in the chests and declaring that their roars are not the only voice in the jungle. It is politically unwise to throw jabs at labour unions in an inflationary economy. The last time a Nigerian government threw such an unprovoked jab at labour was in 1945 when the colonial government insisted that Nigerian labour was not the only voice in Nigeria in the midst of a raging WWII inflationary economy. Labour responded with a national general strike of 1945. We will examine the 1945 national general strike in order to learn what labour must do now.
On May 19, 1945, Nigerian waged workers held a mass meeting at the Glover Memorial Hall in Lagos. The workers established a Joint Executive consisting of trade union leaders. They demanded a 50% COLAs and a minimum daily wage of 2s. 6d. for unskilled public sector workers. In a letter forwarded to the colonial government, the workers promised to go on strike, if their demands were not met by June 21, 1945. In the midst of this potential industrial conflict, Mr. Michael Imoudu returned to Lagos. The Defence Regulation, under which Imoudu had been banished to Auchi, had expired with the end of WWII. Hence, the colonial government had to release him. The workers used the occasion to mobilize for the proposed strike. A massive workers' march and rally was arranged for June 2nd to give Imoudu a hero’s welcome. In the June 2nd welcome rally, Herbert Macaulay, the president of the NCNC and Nnamdi Azikiwe, the NCNC secretary, both spoke in favour of the proposed general strike and Imoudu's leadership. So also did Madam Alimotu Pelewura, the Alaga of Ereko market and president of the Lagos Market Women Association. The colonial government was concerned about the turbulent marriage of nationalist politics and industrial struggle. Hence, it immediately made an official response to the workers' demands.
In a June 11th letter, the colonial government argued that it could not grant the workers' demand for a COLAs revision and minimum daily wage because such wage awards would lead to wage-push inflation. The colonial government proposed instead that unemployed workers should return back to the rural farms to increase food production. Workers were advised to cooperate with the government's price reduction measures and concentrate on making the Pullen market scheme a success. Finally, the colonial government argued that its revenue was small and therefore, it could not afford to pay increased wages and COLAs to public sector workers unless it also increased taxes. The workers did not accept the colonial government's arguments. Therefore, they began to agitate for higher wages.
The colonial government reminded the Joint Executive that the proposed general strike was illegal under the Defence Regulation banning strikes before all arbitration procedures had been exhausted. The Labour department threatened that the law would be followed to the letter if an illegal general strike occurred on June 21st. In the face of this threat, the Joint Executive proposed the postponement of the general strike to the workers. A militant group led by Imoudu refused to postpone the planned strike action. The rank-and-file workers supported this militant position. In a mass workers' meeting on June 21st, the workers decided to execute the general strike action as planned. On June 22nd, they organized a mass rally in the railway locomotive workshop. The general strike began as Imoudu and the militant trade unionists consolidated the rank-and-file workers. The workers independently moved to ensure the success of the general strike action. The colonial government declared a No work No Pay policy and promised to sack workers who went on strike. The workers ignored the government. The general strike spread throughout the nation, starting from Lagos. The news was carried along the railway line by locomotive drivers. In the provincial centers, railway workers also led the general strike. All the members of the Joint Executive resigned to avoid arrest as the general strike began. The strike lasted for 44 days from June 21st to August 15th of 1945.
The 1945 general strike brought about the temporary unity of all labouring classes. The Daily Comet and the West African Pilot supported the strike and were later banned by the colonial government. The NCNC also supported the striking workers as did the market women and other unwaged workers. In Eastern Nigeria, the landlords refused to collect any rent and the market women sold food at reduced prices. A strike fund was organized and market women donated to it generously. In northern Nigeria, the market women also donated to a strike fund. Lagos market women reduced their food prices and attended the mass workers meetings to give moral and political support to the workers during the duration of the strike.
The colonial government did not take the general strike lying down. It employed tactics of misinformation with the aid of the Nigerian Youth Movement (NYM). Dr. Akintola Maja, the NYM President, set up a “Maja Peace Committee” to convince workers to end the strike. Trade union leaders were arrested. When this failed to stop the strike, the colonial government reaffirmed its decision to sack all striking workers after August 1, 1945. A mass workers meeting was called to discuss the government’s latest threat. The ex-Joint Executive members and their supporters who wanted to terminate the strike action were a minority. Hence, it was determined that the strike would continue despite the government's threat of dismissal. However, the actions of the moderate trade union leaders was leading to disunity among the workers. Hence, on August 4th, the general strike was terminated in Lagos. Workers in the provincial cities refused to believe that the strike action had been terminated by Lagos workers because of the prior misinformation by the colonial government. In Zaria, the workers refused to go back to work until Michael Imoudu traveled down there himself to inform the workers that news of the termination of the strike action was not just another government propaganda designed to make them capitulate. The general strike finally ended in all parts of the country on August 15, 1945 and resulted in more than 2 million mandays lost.
In the negotiation following the general strike, the colonial government rejected the workers' demand for 50% COLAs. Instead, the government offered a 20% increase in COLAs to Lagos public sector workers, smaller COLAs increases to public sector workers in the provincial cities and a minimum daily wage of 2s. 3d. for unskilled public sector workers. It told the workers' representatives that if they rejected this offer, then it would withdraw the offer and refer the matter to a commission of enquiry. The workers' representatives rejected the offer after consultations with trade union leaders and rank and file workers. The colonial government therefore established a commission of enquiry in October of 1945. This commission became known as the Tudor-Davies Commission. The government did not withdraw its initial offer after the workers' representatives rejected it. Rather, it granted the workers a 20% increase in COLAs and a minimum wage of 2s. 3d. backdated to August 1, 1945. The mandays lost during the strike were discarded as leave days without pay by the colonial government. Thus, the workers won a COLAs and wage increase after the general strike. These gains increased after the Tudor-Davies Commission finished its enquiry into the effects of the war inflation.
The terms of reference of the Tudor-Davies Commission were: “To consider the representation made by the Nigerian Government and Native Authority employees concerning an increase in the Cost of Living and, having regard to the present cost of living and all other factors, to make recommendations as to whether any action should be taken by the Nigerian Government, whether by variation of the Cost of Living Allowance or by controlling the cost of living or any other way, and to make recommendations as to the future compilation and computation of cost of living indices in Nigeria.”
In its report, the Tudor Davies commission stated that the colonial government should have kept its 1942 promise to review the cost of living. It rejected the government's arguments of wage-push inflation and limited government revenue. It decided that the limited nature of the government revenue did not negate the validity of the workers' claim for increased COLAs. It advised the government to change its priorities with regards to the allocation of government revenue so that it could pay the increased COLAs without raising taxes. It pointed out that the government has paid COLA to European workers. The commission recommended a 50% increase in COLAs for all public sector workers (African Staff) with annual wages of less than £220 and a review of COLAs every two years. Finally, the commission concluded that “It is apparent that the influence and power of the Nigerian Trade Unions for good or ill should not be underestimated, for if their organizational strength - financial and numerical - is small, what may be termed their operational strength is great.”
The colonial government accepted the recommendations and implemented them. It also established Wage Councils to determine future wage awards and a National Negotiating Committee to settle industrial disputes in the public sector by arbitration. Rent Assessment Boards were given more powers to enforce stricter rent control measures. The government appointed a Registrar of Trade Unions to supervise the growth of the trade unions and hired a former British TUC member as a labor officer. The 1945 general strike thus brought economic gains to the Nigerian working class. The initial 20% increase in existing COLAs and a minimum daily wage of 2s. 3d. were followed by a 50% increase in COLAs. The income of workers increased and this gave them the means to actualize their economic self-development at a higher level.
A national general strike as a weapon in the arsenal of Nigerian workers in struggle. It is the historical response of labour to unprovoked jabs from the Nigerian government in the midst of an inflationary economy. Given the prevailing harsh economic conditions facing workers in the country, Nigerian workers should be organized to do the needful.
Tinubu to embark on official visit to Netherlands today
President Bola Tinubu is set to embark on an official visit to the Kingdom of the Netherlands starting today, Tuesday, April 23, 2024.
President Tinubu’s official visit to the Netherlands, as announced through a statement on the official X account of the Presidency Nigeria on Monday, comes at the invitation of Prime Minister Mark Rutte.
During his time in the Netherlands, President Tinubu will engage with Prime Minister Mark Rutte and hold separate meetings with His Royal Majesty King Willem-Alexander and Queen Máxima. Queen Máxima serves as the United Nations Secretary General’s Special Advocate for Inclusive Finance for Development (UNSGSA).
Furthermore, the President will participate in the Nigerian-Dutch Business and Investment Forum that will bring together heads of conglomerates and organizations in both countries to explore opportunities for collaborations and partnerships, especially in agriculture and water management towards innovative solutions for sustainable farming practices.
- “There will also be extensive discussions with Dutch officials on port management operations for which they have world-renowned experience,” the statement added.
More insight
The statement further revealed that following President Tinubu’s visit to the Netherlands, he will travel to Saudi Arabia for a two-day World Economic Forum.
The World Economic Forum will be held in Riyadh from April 28 to April 29, 2024.
- “After his engagements in the Netherlands, the President will proceed to attend a special World Economic Forum (WEF) scheduled for April 28-29 in Riyadh, Saudi Arabia,” the statement read in part.
The forum, emphasizing global collaboration, growth, and energy for development, will gather over 1,000 leaders from business and academia.
The statement also revealed that President Tinubu, accompanied by ministers and senior officials, will leverage this platform to advance discussions aligning with his administration’s objectives for Nigeria under the Renewed Hope Agenda.
President Bola Tinubu’s entourage on these diplomatic visits will comprise some ministers and government officials.Bola Tinubu, World Economic Forum, Prime Minister Rutte, Kingdom of Netherlands.
[Nairametrics]
More Nigerians to benefit from FG’s N50,000 grant
The Minister of Industry, Trade and Investment, Dr Doris Uzoka-Anite has said more Nigerians will benefit from the ongoing disbursement of N50,000 by the federal government.
TheNewsGuru.com (TNG) reports Dr Uzoka-Anite made this known on Monday while announcing that the loan disbursement for MSMEs and the manufacturing sector had commenced.
According to the Minister, the initial disbursements to nano businesses have shown great success, supporting 1 million nano businesses across Nigeria.
Confirming that application for the presidential conditional grant scheme is closed, Uzoka-Anite disclosed that disbursements are ongoing.
“More beneficiaries will receive their grants this week. The process is ongoing. Only 10% of the beneficiaries have been paid thus far. More disbursements will be made this week and in the weeks to come. A list of all beneficiaries will be published at the end of the process.
“Once the disbursement process is complete all beneficiaries will be listed on the fedgrantandloan.gov.ng website. The process is ongoing and so far only about 10% of the 1 million beneficiaries have been paid. More will be paid this week and in the weeks to come.
“1 million beneficiaries will be paid across all the 774 local governments of the federation. This is roughly 1,290 people per local government. The process of disbursement is ongoing and a full list of beneficiaries will be published once complete.
On the federal government’s presidential N200 billion fund for MSMEs and the manufacturing sector, Uzoka-Anite revealed that N75 billion had been set aside for MSMEs while another N75 billion for manufacturing.
[TNG]
Senate Summons Adelabu, NERC Over Electricity Tariff Hike
The Senate Committee on Power has summoned the Minister of Power, Adebayo Adelabu, and the National Electricity Regulatory Commission (NERC) leadership over the recent electricity tariff hike.
The Chairman of the Senate Committee on Power, Senator Enyinnaya Abaribe, made this known on Monday during the committee’s oversight function and a familiarisation tour to the Minister.
Abaribe stated that the minister and NERC officials would appear before the committee for investigative hearing on the recent electricity tariff hike in the country.
The Senator also expressed worry over the poor power situation in the country despite the huge sums of money injected into the power sector.
He said, “The Senate has already authorised an investigative hearing scheduled for the 29th of April, 2024. The major agencies of government will answer.
“We have summoned the National Electricity Regulatory Commission (NERC). We will give them opportunity to speak to the electricity tariff hike. The minister of power is of course, expected.”
Senator Abaribe expressed worry that the key players still lamented an avalanche of challenges and questioned why the TCN and other agencies in the power sector had consistently allowed the power grid to collapse over the years.
He, however, said the committee would report to the Senate, as requested by the TCN top echelon, to see if there could be a review of its annual budget for improved service delivery.
During the visit, the Senate committee inspected a power project on the premises of the ministry and held an oversight with the Transmission Company of Nigeria (TCN) on the issue of power generation and transmission.
In his remarks, the minister enumerated the challenges affecting the power sector, including poor funding, vandalism, issues of right-of-way, and a lack of gas, among many others, and asked the committee to support the power ministry in achieving its mandate.
Abaribe was in company with many senators in the committee, including Senator Dajuma Goje (Gombe Central), Simon Lalong (APC, Plateau South), and Osita Izunaso (Imo West), among others.
[NaijaNews]
Guinness World Record: Content Creator To Visit 120 Restaurants In 24hrs
An Abuja based food content creator, Brian Nwana is set to embark on an attempt to break Guinness World Record for most fast food restaurants visited in 24 hours.
The challenge tagged, “Brian Abuja Food Quest” is schedule to begin April 24th to 25th, 2024.
At a press briefing in Abuja yesterday, Brian Nwana revealed that the current record for the most fast food restaurant visited in 24 hours stands at 100 and was achieved by Airrack in New York, in December 2023.
“Our target is to surpass this record by visiting a minimum of 120 fast food restaurants within a 24 hour timeframe.”
Speaking on the reason for embarking on the attempt, he said, “I want to put Nigerian food on the map by show casing the different kinds and varieties of food that we have in the country.
“As a food content creator, I have seen how economic situation in the country has affected food businesses, so I want to use this attempt and opportunity to promote food businesses in Abuja. Also, I want to use the attempt to give back to my community by collaborating with the spots I visit to give free meals to people in the community who really need it.”
Nwana overtime has established a massive audience in the Nigerian food and entertainment industry by conducting restaurant reviews across various States in the country.
Also speaking, CEO of A.S. Management Agency (the management company behind the quest), Rhoda Kusimo, said the quest will help to put Abuja businesses on the global map as many of them are presently not known beyond their localities.
On his part, the Project Manager, Edoh Franklin, said the team has applied to the GWR and will follow all the rules and regulations recommended by the GWR, especially with regards to live tracking and map.
He called on Abuja residents to come out and cheer Brian to victory.
[Leadership]
Terrorism: Renew Social Contract With Citizens, UN Tells Nigeria, Others
The Deputy Secretary General of the United Nations, Ms Amina Mohammed, suggested that one of the ways to remove the engenders of terrorism on the continent is for Africa to work to rebuild its social contract with its citizens, and deliver good governance.
“Rebuilding the social contract is necessary for recovery. We must pay attention to women and girls who are greatly impacted by terrorism, including the youth. Providing support and healing for those impacted by terrorism is important,” she said while speaking at the African High-level Meeting on Counter-Terrorism in Abuja on Monday.
President Bola Tinubu, while speaking at the occasion, called for the establishment of a regional counter-terrorism centre that would tackle the spate of insecurity across the borders of African states.
He said the centre will serve as a hub for intelligence sharing, operational coordination, and capacity building throughout Africa.
The president said Africa must take a comprehensive approach to combating terrorism, not only through might, but by addressing the root causes of the scourge like marginalisation, poverty, inequality, and social injustice.
President Tinubu explained that while seeking to address the root causes of terrorism, Africa must also attack the roots that feed its evil branch like ransom and illegal mining, “as terrorism evolves and perfects ways to continuously finance, re-equip, and re-supply itself for its sinister mission.”
The president, who lamented the effect on the people, said, “Not only does it kidnap people; it kidnaps precious resources. Billions upon billions of dollars that legitimate governments should be using to sculpt better societies by providing education, healthcare, and food for its people now go to pay for weapons and response to mayhem.
“Look at the illegal mining that plagues so many of our nations today. Those who think illegal mining has no connection with financing terrorism are sorely mistaken. The international community has both the moral and legal obligation to help in this cause because it is external finance, not African money, that fuels these illegal operations. We shall be knocking on this door of the international community to answer this call for justice, peace, and fair play.
“Key to our collective efforts against terrorism is the urgent need for a fully operational Regional Counter-Terrorism Centre.”
The president, however, added that the African region must strengthen existing counter-terrorism structures, such as the Regional Intelligence Fusion Unit (RIFU) in Abuja, the African Centre for the Study and Research on Terrorism (ACSRT) in Algiers, and the Committee of Intelligence and Security Services of Africa (CISSA) in Addis Ababa.
He underscored the importance of a regional standby force that includes tackling terrorism as part of its mandate.
The president affirmed that Nigeria is committed to working with regional partners to strengthen arms control measures, enhance border security, and disrupt the illicit trafficking networks that fuel terrorism and organised crime, while urging firm and expeditious actions against prevailing insecurity on the continent.
In his welcome address, National Security Adviser, Malam Nuhu Ribadu, stated that terrorism in Africa is driven by a number of factors, including organised crime, foreign terrorist financing and training, poverty, inequality, prolonged conflicts, among others.
He said Nigeria is dealing decisively with all the drivers of violent extremism, including economic and social enablers, while enhancing intelligence gathering through enhanced inter-agency collaboration and confidence building with citizens.
He also said Nigeria is strengthening its judiciary to effectively deal with cases of terrorism and has earmarked a fund to boost counter-terrorism efforts.
“We have resumed the prosecution of Boko Haram suspects across the country,” Ribadu said.
Under-Secretary-General of the United Nations Office of Counter-Terrorism (UNOCT), Mr Vladimir Voronkov, commended Nigeria for its leadership in counter-terrorism in Africa and for hosting the meeting.
[DailyTrust]
Euro 2024: UEFA to increase squad size to 26 players
UEFA are set to increase squad size for this summer’s European Champions to 26 players.
This follows a vote on Monday, which gave the green light for expanded squads.
The idea was first brought up during a meeting of all the nations’ coaches in Dusseldorf a fortnight ago.
But at a meeting of the UEFA national competitions committee on Monday, delegates voted in favour of increasing the squads from a 23-player limit to 26.
Enlarged squads were used at Euro 2021, to help teams cope with the aftermath of the COVID-19 pandemic.
However, the decision is not yet set in stone, as the UEFA executive committee (EXCO) needs to sanction the rule change – but it is expected that will simply be a rubber-stamping exercise.
[DailyPost]
Rivers Assembly overrides Fubara, passes Local Govt Bill into law
The Rivers State House of Assembly has passed the Local Government Amendment Bill into law without the assent of Governor Siminalayi Fubara.
The Assembly passed the Bill yesterday, despite the State High Court’s order directing the status quo on the issue of elongating the tenure of elected local government officials, which formed part of the amendment.
The Assembly was said to have also screened and confirmed the chairman and other members of the Assembly Service Commission in the spirit of the new law.
The Local Government Amendment Bill has increased to four the number of such laws that were enacted in the state without the assent of Fubara since the political crisis in the state started.
A statement by the Special Adviser on Media to the Speaker of the House, Martins Wachukwu, said the Assembly passed the law at its 159th legislative sitting.
On March 13, the Assembly passed the Bill and forwarded same to Fubara for assent, but the governor declined, according to the statement.
The Bill was re-presented by Majority Leader Major Jack and debated upon by other lawmakers.
The statement said the provisions of Section 100(5) of the 1999 Constitution of the Federal Republic of Nigeria, as amended, empowers the Assembly to override the governor where he withholds assent to a law.
It said Speaker Martin Amaewhule put the question to other lawmakers and, and with a two-thirds majority votes, the Assembly agreed to override the governor and passed the Bill into law.
The statement also said the House screened and confirmed nominees for the position of Chairman and members of the Assembly Service Commission.
Those screened and confirmed are: Sampson Worlu, as Chairman; with Abinye Blessing Pepple, Mrs. Blessing Belema Derefaka, Mr. Gbaranen Robinson, and Madam Dorcas Amos, as members.
On March 22, the Assembly passed the Rivers State Assembly Service Commission (Amendment) Bill into law, giving itself the power to appoint the chairman and members of the commission.
Also, Amaewhule announced the death of Mr. Lucky Amadi, the husband of the member representing Obio/Akpor Constituency II, Emilia Lucky Amadi, saying other lawmakers would pay a condolence visit to their bereaved colleague.
Amaewhule had earlier given insight into some of the provisions of the amended local government law.
The Speaker said Section 9(2), (3) and (4)of the principal law empowers the Assembly, via a resolution, to extend the tenure of elected chairmen and councilors, where it is considered impracticable to hold local government elections before the expiration of their three-year tenure.
He said the amendment was meant to ensure that local government elections were conducted before the expiration of the outgoing local government administration.
But the Rivers State High Court, sitting in Port Harcourt, recently issued an interim injunction ordering that the status quo be maintained.
This followed the Assembly’s move to extend the tenures of the elected local government councils’ officials.
The court asked all the parties to maintain the status quo ante belum pending the hearing and determination of motion on notice for the interlocutory injunction.
The orders were made following a suit filed by executive chairmen of Opobo-Nkoro Local Government (Enyiada Cooky-Gam), Bonny Local Government (Anengi Claude-Wilcox), and five other elected council officials challenging the decision of the Amaewhule-led Assembly to extend the tenure of local government areas.
Also named as defendants in the suit are: the governor of Rivers State, the government of Rivers State, and the Attorney-General of Rivers State.
[TheNation]
Bobrisky begs court to convert imprisonment to N200,000 fine
Controversial cross-dresser, Idris Olanrewaju Okuneye, alias Bobrisky, has appealed against the six months imprisonment imposed on him by the Federal High Court in Lagos which convicted him of charges of abuse of naira.
In the appeal lodged on his behalf by his lawyer, Bimbo Kusanu, Bobrisky wants the Court of Appeal to convert the six-month imprisonment to N50,000 fine on each of the four counts he was convicted of.
Justice Abimbola Awogboro had on April 12, 2024, sentenced Bobrisky, to six months imprisonment without an option fine for abusing the naira by spraying the currency at a party, leading to mutilation.
Bobrisky had on April 5, 2024, pleaded guilty to four counts of abuse of the naira preferred against him by the Economic and Financial Crimes Commission.
The judge while sentencing the cross-dresser, said the judgment would serve as a deterrent to others who are fond of abusing and mutilating the naira.
However, in his Notice of Appeal filed before the Appeal Court, the cross-dresser urged the appellate court to consider the fact that he has no previous record of criminal conviction.
He averred that the sentence imposed by the trial court against him was punitive contrary to the mandatory provisions of the Administration of Criminal Justice Law on sentencing.
He stated that the trial court did not consider the positive antecedent of the appellant, who did not waste the precious judicial resources of the trial court, when he pleaded guilty to the charge.
He also noted that he honoured the invitation of the EFCC on the first invitation during the investigation leading to the charge.
“The sentence of the lower court that imposed the maximum penalty of six months imprisonment without option of fine on the appellant, who is a first-time convict without a previous record of criminal conviction, is harsh.
“The learned trial judge erred in law and facts by his imposition of the maximum sentence of six months imprisonment terms against the appellant without the option of fine contrary to the provisions of Section 416(2) (d) of the Administration of Criminal Justice Act of 2015 that prescribed the mandatory guidelines on the trial court on imposition of sentencing after criminal conviction of a first time offender as the appellant.
“The trial court imposed the maximum sentence on the appellant, who has no previous record criminal of conviction, when there are options to impose a lesser sentence by the provisions of the ADCJA.
“The sentence imposed by the trial court against the appellant is punitive contrary to the mandatory provisions of the law on sentencing.
“The appellant has suffered a miscarriage of justice by the maximum sentence imposed by the learned trial court.
“The reasons adduced by the learned trial court for the imposition of maximum punishment on the appellant, which is essentially on what foreigners think of abuse of naira, is perverse and is out of tune with the reality of what the trial court should have been considered to impose maximum punishment on the appellant.
“The intendment of the provisions of the Central Bank Act 2007 that the appellant was charged with is for Nigerians not to tamper with naira and not what nationals of foreign countries view about tampering with naira.
“The trial court did not consider the positive antecedent of the appellant, who did not waste the precious judicial resources of the trial court when he pleaded guilty to the charge. The appellant honoured the invitation of the respondent, the Economic and Financial Crimes Commission, on the first invitation during the investigation leading to the charge.
“The trial court failed to exercise his discretion judiciously and judicially in sentencing the appellant which has occasioned a miscarriage of justice against the appellant.”
[Punch]
Naira depreciates to N1,250/$ in parallel market
The Naira, yesterday, depreciated to N1,250 per dollar in the parallel market, from N1,140 per dollar on Thursday.
Similarly, the Naira depreciated in the Nigerian Foreign Exchange Market, NAFEM, to N1,234.49 per dollar.
Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,234.49 per dollar from N1,169.99 per dollar last week Friday, indicating N64.5 depreciation for the naira.
Consequently, the margin between the parallel market and NAFEM rates narrowed to N15.51 per dollar from N29.99 per dollar last weekend.
[Vanguard]