The Nigeria Labour Congress (NLC) has called on the Federal Government and the Central Bank of Nigeria (CBN) to urgently address the ongoing naira shortage affecting Nigerians.
The NLC expressed its disappointment with the CBN and Federal Government for ignoring previous warnings, suggesting that their inaction was intentionally provoking Nigerians against the system and established authority. The union labelled the scarcity as disgraceful and stated that justifications would no longer be acceptable.
NLC President, Mr. Joe Ajaero, voiced this warning during a press conference in Abuja, stating that Nigerians’ patience was being tested. He added that it was unacceptable for a government to inflict such hardship on its citizens and expect them to remain silent indefinitely.
Ajaero said, “The Nigeria Labour Congress (NLC) is deeply concerned about the recent cash crunch that has gripped the Nigerian economy, particularly as the nation approaches the festive season. This economic challenge has far-reaching implications for the citizens of our great nation, and urgent steps must be taken to address this issue to prevent further hardship for the already suffering Nigerian populace.
“Fresh in the minds of every Nigerian is the excruciating conditions that we were all subjected to as a result of the last cash crunch earlier this year, orchestrated by the ill-conceived and ill-implemented currency redesign policy of the immediate past government.
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“The sorrow that the botched exercise foisted on us is not what Nigerians wish to witness again in one year. This time, there is no discernible reason by the CBN neither any explanation from the Government for why Nigerians should be subjected to this level of suffering once again in 2023.”
Ajaero questioned the CBN’s claim that individuals with illicit wealth were hoarding cash at home to evade detection, stating that such a claim would be a severe indictment on the government’s anti-corruption campaign.
He described the situation as “shameful”, noting, “this is because what the CBN is saying is that since the assumption of office of this government, the level of graft has increased, resulting in the creation of hideouts for the slush funds.
“The question then is; should the ordinary citizens be made to suffer the apparent incompetence of government in prosecuting the anti-corruption war or is it that there is actually no anti-corruption war going on?”
He pointed out that Nigerians are spending more time in banks trying to access cash, which he believes undermines public confidence in the banks and could deter people from using banking services.
The NLC President added, “Though we have heard reasons like the increase in fake notes in circulation and the hoarding of the naira. These reasons are clearly unacceptable, as we cannot see anything that will make any Nigerian hoard the naira. In any case, it is not the ordinary Nigerian that hoards money in their houses.
“It is shameful that Nigerians would have to spend a lot of money to gain access to their hard-earned income. We are creating another avenue for economic rentiers such as the PoS operators and their collaborators in the banks to fleece Nigerians.
“Subjecting us again to spend our meagre salaries buying our money automatically devalues our income. PoS operators currently charge around N400 to access N10,000. This is about four per cent reduction in the value of the income of poor Nigerians who hardly make use of electronic platforms to perform their transactions.”
The NLC President highlighted that imposing another period of cash scarcity on citizens, who are already burdened by government policies, would be extremely insensitive and amount to double jeopardy.