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General secretary of industry body IndustriAll Bangladesh Council, Salauddin Shapon, has condemned the untoward role the police authorities used on workers that stage the protest over low-wages.
However, Over 4,800 low-paid Bangladeshi garment workers sewing clothes for global brands have been sacked by factory bosses for taking part in earlier this month that turned violent.
The Police has disclosed to the news agency that the workers were seen vandalizing and causing all kinds of violent before being fired rubber bullets and tear gas.
One of the protesters was killed and more than 50 injured in clashes in Ashulia, a key industrial town outside Dhaka where clothes are sewn for retail giants H&M, Walmart and many others.
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Roughly 80 percent of Bangladesh’s export earnings come from clothing sales abroad, and the industry wields considerable power.
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Egypt Ranks 2nd Amidst World Emerging Economies.
CBN signals end to official rate regime for naira
The Central Bank of Nigeria (CBN) may soon allow the naira to freely find its value, with a possible depreciation on the official rate, usually pegged at about N305/$, an update on its website has indicated.
The development is signaling an end to the most criticised foreign exchange rate window, which has been used mostly for government’s critical businesses that affect the public, particularly the importation of petroleum products.
If the move sees light of day, it will mean that the value of the naira at the official window is depreciated with its concomitant closure of the peg.
Yesterday, the apex bank, as opposed to the usual publication of the fixed exchange rate, opted to publish that “the rate will be market-determined.”
According to a report, the President of Shippers Association of Lagos State, Jonathan Nicol, said the Nigeria Customs Service had allegedly directed importers to pay for duties at the rate of N326 per dollar against the official rate of N306, citing an order from the CBN.
Also yesterday, the interbank rate depreciated by 0.2 per cent to N360.43 per dollar at the close of trading, while the parallel market remained steady at N360 per dollar.
A move toward a market-determined exchange rate would be welcomed by investors, who have long accused government of some level of capital controls and bemoaned multiple exchange rates.
The Chief Executive Officer of Nigerian Investment Promotion Council, Yewande Sadiku, was quoted as saying the apex bank was in talks with other agencies to move to a single rate for the nation’s currency.
For an economic analyst at Ecobank, Kunle Ezun, “putting that on the website means the central bank is gradually moving towards a single exchange-rate window. It is making the exchange rate more liquid to attract more inflows.”
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