We Know Those Responsible For Naira Scarcity— NLC - LagosTrend

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Monday, January 1, 2024

We Know Those Responsible For Naira Scarcity— NLC


The Nigeria Labour Congress, (NLC) has claimed to be aware of those responsible for the current cash scarcity in the country.

The Labour Congress disclosed this in a statement signed by its President, Comrade Joe Ajaero on Sunday and made available to LAGOSTREND 

Ajaero claimed that the Central Bank of Nigeria’s excuse regarding the cash crunch is a means to exploit the citizens.

Recall that the CBN said that the cash scarcity is a result of the deliberate hoarding of cash by Nigerians.

However, the NLC said, “We are witnessing once again, cash scarcity in our economy. This time, the CBN tells us that it is because we are hoarding cash, a very sad excuse.

“We know that with our meagre incomes, we don’t have any leftover cash to hoard and so if by any stretch of the imagination, the CBN excuse is real, we know those who are hoarding cash.

However, we do not see any sensible person who will hoard the Naira as a store of value at this time when the Naira is receiving its greatest bashing.

“The CBN should immediately inject cash into the economy to stop the exploitation of Nigerian masses and thus reduce the hardship”.

Also speaking on the Federal government’s failure to uphold two major agreements signed on the 5th of June and 2nd of October 2023, Ajaero said, “We are prepared to bear to ensure that we do not only take the right actions but that they yield the expected results”.

LAGOSTREND had earlier reported that in a bid to avert the nationwide strike by the NLC following the removal of fuel subsidy in May 2023, the federal government signed an agreement on the 5th of June.

Subsequently, when the federal government failed to implement the initial agreement, it further signed another on October 2, to pay civil servants the sum of N35,000 for six months as a palliative to cushion the effect of subsidy removal.

However, LAGOSTREND reported that the payment was made once, and the federal government failed to uphold its agreement with the union.

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