Bismarck Rewane, has urged the Nigerian Labour Congress, NLC, to reconsider its stance on benchmarking the minimum wage demand on dollar exchange rate, saying that it would result in massive job layoffs, especially among the private sector operators, who are the major employers of labour.
According to him, the naira would also continue to depreciate in value if the country does not earn dollars via export.“In 2019, the original proposal that we met, when Buhari called us, I could recall, was N18,000, and the discussion was around N24,000. I think we moved it to N30,000 after all negotiations.
So, it was well managed, anticipated, and the discussion was very thorough and it happened in the month of the election. The president signed on April 18th. “Speaking about minimum wage, productivity in the US and our productivity in Nigeria are two different things. So that’s one. “If Nigeria doesn’t have the dollars, it’s done. Period. Second thing is the structure. The Central Bank of Nigeria is not resistant to corruption. They are licensing Bureau De Changes for themselves and the central bank dwells on inconsistencies and contradictions.
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