On Tuesday, the Nigeria Labour Congress expressed its concerns about the prolonged cash scarcity in the country as it has threatened to go on a mass protest if the issue is not rectified by the Federal government and the Central Bank of Nigeria (CBN).
This is just a few days before the Christmas Day celebration, and cash scarcity is at its highest in the country. Speaking on this, Joe Ajaero, the National President of the NLC, said that the prolonged crisis of cash scarcity hurts citizens, and he is insisting that the government come to the aid of its citizens.
Bank customers have been groaning over their inability to access cash to meet their daily needs despite assurances from the Central Bank of Nigeria.
Nigerian banks have continued to ration cash over the counter, while many ATMS are not dispensing cash.
In the recently released statement by the NLC, the group warned the Federal Government and the Central Bank of Nigeria that it would go on a mass public protest if nothing is done about the naira shortage in the coming days.
The NLC boss said,
- Fresh in the minds of every Nigerian are the excruciating conditions that we were subjugated to as a result of the last cash crunch earlier this year that was orchestrated by the ill-conceived and ill-implemented currency redesign policy of the immediate past. The sorrow that the botched exercise imposed on us is not what Nigerians wish to witness again in one year.
- This time, there is no discernible reason given by the Central Bank of Nigeria, nor is there any explanation from the government on why Nigerians should be subjected to this level of suffering again in 2023. However, we have heard reasons like the increase in fake notes in circulation and the hoarding of the naira. These reasons are unacceptable, as we cannot see anything that will make any Nigerian hoard the naira. In any case, it is not ordinary Nigerians who hoard money in their houses.
Read more: https://www.investingport.com/nlc-threatens-a-mass-protest-following-the-lingering-naira-scarcity/