The national exercise to clean the country’s payroll system has begun with the Internal Audit Agency (IAA).
The move is aimed at cleaning the over bloated payroll structure at all public sector institutions.
The Executive Secretary of the Fair Wages and Salaries Commission (FWSC), Ben Arthur said the exercise will ensure fairness in the public sector payroll system.
The decision by the FWSC to conduct the payroll monitoring is aimed at ensuring fairness in the salary structure for public workers.
Another objective is to reduce the huge public sector compensation, which constitute a significant portion of domestic revenue.
According to Mr. Arthur, sanctions will be applied to persons found earning undeserved salaries.
“I want to announce to the general public especially the public sector workers that this exercise is not a joke and if you know you’re not deserving of the salary or allowance you are taking, advice yourself accordingly before we get hold of you” he warned.
The Director General of the IAA, Eric Oduro Sae said the agency will support the initiative to come out with the best outcome.
“This assignment is in collaboration with the FWSC is critical because compensation of employers in the budget of government is getting high and we need to clean it up as soon as possible. The best way is to make sure this collaboration works for the betterment of our country” he noted.
A dedicated account has been created at the bank of Ghana by the Controller and Accountants General Department for culprits to voluntarily return any payments that is not justified.
<p><img width="1000" height="600" src="https://www.naijanews.com/wp-content/uploads/2021/12/naira-Dollar-1000x600.jpeg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="Naira Fights Back, Bureau De Change Operators Confirm New Dollar To Naira Black Market Rate" decoding="async" fetchpriority="high" srcset="https://www.naijanews.com/wp-content/uploads/2021/12/naira-Dollar-1000x600.jpeg 1000w, https://www.naijanews.com/wp-content/uploads/2021/12/naira-Dollar-590x354.jpeg 590w, https://www.naijanews.com/wp-content/uploads/2021/12/naira-Dollar-400x240.jpeg 400w" sizes="(max-width: 1000px) 100vw, 1000px" /></p>
<h2>The Nigerian <a href="https://www.naijanews.com/topic/naira/">naira</a> continued its upward trajectory against the United States dollar, closing at 1,382/$ in the official market on Thursday, marking a significant N18 gain.</h2>
<p>This development follows a <strong><a href="https://www.naijanews.com/2024/03/21/dump-your-dollars-now-to-avoid-tears-naira-will-appreciate-soon-presidency/" target="_blank" rel="noopener">stern warning from the Presidency</a></strong> to currency speculators against undermining the national currency, cautioning that such activities would lead to financial losses.</p>
<p>The naira's strengthening is attributed to increased dollar supply in the Nigerian Autonomous Foreign Exchange Market (NAFEM), as evidenced by trading data from the FMDQ Securities Exchange Limited, showing a 1.3 percent appreciation of the naira.</p>
<p>The currency had already made substantial gains in both official and parallel markets the previous day, closing at N1,400/$ in the black market.</p>
<p>The official market saw the intraday high reaching N1,598 per dollar, an improvement from Wednesday’s close of N1,620, while the intraday low firmed up to N1,300/$, from N1,350/$ the day before.</p>
<p>Market dynamics shifted with a notable increase in dollar supply, rising to $288.47 million, a 7.46 percent increase from the previous session's $268.29 million.</p>
<p>The recent positive trend in the forex market comes after the Central Bank of Nigeria (CBN) announced the clearance of all valid foreign exchange backlogs, a move aimed at bolstering market confidence.</p>
<p>The CBN’s Governor, Olayemi Cardoso, reaffirmed the commitment to settling inherited forex claims totaling $7 billion, with $1.5 billion already disbursed to fulfill bank customer obligations.</p>
<p>The financial measures have seemingly started to reflect positively on Nigeria's economic indicators, with the country's foreign currency reserves climbing 3.62 percent to $34.37 billion as of March 12, 2024.</p>
<p>Moreover, a dramatic increase in Diaspora remittances, which soared to $1.3 billion in February from $300 million in January, indicates a growing confidence in Nigeria's economic management.</p>
<p>These developments hint at a recovering economy and a stabilizing naira, offering a glimpse of optimism for Nigeria's financial stability and exchange rate predictability.</p>
<p>The post <a href="https://www.naijanews.com/2024/03/22/naira-appreciates-to-n1382-dollar/">Naira Appreciates To N1,382/Dollar</a> appeared first on <a href="https://www.naijanews.com">Naija News</a>.</p>
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