The Nigeria Labour Congress (NLC) has called on the Nigerian government under President Bola Tinubu’s leadership and the Central Bank of Nigeria (CBN) to urgently address the ongoing scarcity of naira notes that is affecting citizens across the country. In a press briefing held in Abuja, Joe Ajaero, President of the NLC, expressed deep concern over the disregard shown by the CBN and the Federal Government towards previous warnings, which he believes indicates a deliberate provocation of Nigerians and undermines the established authority.
The NLC has termed the scarcity of naira notes as disgraceful and emphasized that mere excuses will no longer be acceptable. Ajaero further highlighted that the prolonged scarcity is testing the patience of the Nigerian populace, adding that urgent steps must be taken to address the issue to prevent further hardship for the already suffering Nigerian citizens.
Ajaero pointed out that the last cash crunch earlier this year, orchestrated by the ill-conceived and ill-implemented currency redesign policy of the immediate past government, caused excruciating conditions for Nigerians. He expressed concern that the current cash crunch, which has far-reaching implications for the citizens of Nigeria, particularly as the nation approaches the festive season, may result in similar conditions.
Ajaero questioned why Nigerians should be subjected to this level of suffering once again in 2023, especially since there is no discernible reason or explanation from the government for the current scarcity. According to Ajaero, if the CBN claimed that those with ill-gotten wealth were stashing cash in their houses to avoid detection, it would be a heavy indictment on the government’s anti-corruption agenda.
Ajaero noted that the reasons given by the CBN, such as the increase in fake notes in circulation and the hoarding of the naira, are clearly unacceptable as they do not justify the current scarcity. He expressed concern that the scarcity is creating another avenue for economic rentiers such as the PoS operators and their collaborators in the banks to fleece Nigerians.
Ajaero warned that the government’s actions may incite the people and mobilize them to seek alternative routes for protecting themselves from these perverse policies. He believes that Nigerians’ patience is being breached, and forcing them into revolt by continuously taking actions that deny them basic access to survival will not augur well for the nation. Ajaero highlighted that the current cash shortage threatens to cast a shadow over the festivities for many Nigerians during this Yuletide, which is traditionally a time of joy, celebration, and familiar gatherings.
In conclusion, Ajaero noted that the unavailability of cash had led to increased difficulties in meeting daily needs, exacerbating the economic challenges faced by ordinary citizens. He called on the government to take urgent steps to address the issue and prevent further hardship for Nigerians.