• Tinubu reduces tax fees on imported pharmaceutical products
• Naira rated worst-performing currency in 2024
• CBN issues new guidelines for foreign currency deposits
• 103 Nigerians deported from Turkey claim they were detained for 11 months
• NLC reminds governors that they cannot determine the new minimum wage

Across Nigeria’s 36 states and the Federal Capital Territory, these are the five top Nigerian news stories you shouldn’t miss.

Tinubu reduces tax fees on imported pharmaceutical products

President Bola Tinubu has cut down the tariffs and Value-Added Taxes (VAT) placed on all imported pharmaceutical products in the country.

This executive order was announced by the Coordinating Minister of Health and Social Welfare, Muhammad Ali Pate.

According to Ali Pate, the President has introduced zero tariffs, excise duties and value-added tax on specific equipment, raw materials and machinery imported for pharmaceutical consumption.

Naira rated worst-performing currency in 2024

With the first half of 2024 over, Nigeria’s currency, the naira, has been named the worst-performing currency in the world so far.

According to Bloomberg, the devaluation, insufficient dollar liquidity, and unstable market have contributed to the damage which the naira has suffered, making it the worst-performing currency in the year 2024.

Before the naira became the new holder of this position, it was previously filled by Egypt’s pound and Ghana’s cedi for the year’s first half.

“The naira’s performance is the worst among global currencies tracked by Bloomberg beside that of the pound in Lebanon, which is undergoing an economic crisis and witnessing dollarisation,” the report stated.

CBN issues new guidelines for foreign currency deposits

The Central Bank of Nigeria (CBN) has introduced new guidelines for Deposit Money Banks concerning the deposit of foreign currencies.

The new CBN guidelines state that each bank is permitted a maximum daily deposit of $10 million in $100 and $50 notes, while the maximum deposit for smaller denominations like USD 20 notes is $1 million, and they can only be made in Lagos or Abuja.

“The approval is a response to the increasing demand by DMBs to deposit their forex cash with CBN for onward credit to their off-shore accounts with correspondent banks”, CBN said.

103 Nigerians deported from Turkey claim they were detained for 11 months

The Turkish government deported 103 Nigerians, landing them at the Abuja International Airport, where the civilians narrated their ordeal to the Nigerian government.

Although the reason behind their deportation is yet to be revealed, they (the detainees) lamented about how poorly they were treated while under Turkey’s jurisdiction.

They called on President Bola Tinubu to intervene on why they were arrested and treated like criminals before they were deported.

NLC reminds governors that they cannot determine the new minimum wage

The Nigerian Labour Congress (NLC) has responded to the complaints of the Nigerian governors, who have all offered the best prices they believe they can pay workers amidst the discussion around the new minimum wage.

According to the statement by NLC’s Head of Information and Public Affairs, Benson Upah, the governors do not have a say in the determination or dictation of what will be the new minimum wage.

“This notion is not only dictatorial but also undermines the very essence as well as the model adopted for creating a national minimum wage in Nigeria,” he said.