Naira scarcity: Labour shelves strike, gives CBN fresh two-week ultimatum

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*Cites reports of availability of cash as reason for suspension

*Says Labour will monitor availability of cash for next 2 weeks

*Warns that it will embark on protest if naira notes become unavailable by end of two weeks

*That Committee has been set up to monitor situations in commercial banks within 2 weeks

By Michael Oche

Nigeria Labour Congress, NLC, and the Trade Union Congress, TUC, on Tuesday said they have suspended their planned strike earlier slated for Wednesday over the unavailability of naira notes.

Presidents of NLC, Joe Ajaero and TUC, Festus Osifo said this during a joint press conference on Tuesday in Abuja at the end of their National Executive Council meetings.

The two Labour centres however, said they would monitor the availability of cash in commercial banks for the next two weeks before deciding on the next line of action.

Ajaero said after receiving briefings from its state councils in the 36 states and the Federal Capital Territory, the leadership of Congress decided to defer the planned stay – at – home directive issued to workers last week.

He said the NLC would resume the planned protest if naira notes become unavailable to Nigerians by the end of the two weeks.

The NLC president said a committee has been set up to monitor situations in banks and report to it at the end of the two weeks extension.

Recall that the NLC had issued an ultimatum to go on strike beginning from Wednesday, nationwide, part of which included a plan to picket the various branches of the Central Bank of Nigeria.

It is however not clear whether a meeting summoned by the Minister of Labour and Employment, Chris Ngige on Monday, between the leadership of the NLC and CBN prompted the decision to extend the ultimatum for an additional two weeks.

Ajaero, while addressing the press admitted that the cash crunch situation had improved considerably but that they need to monitor the compliance of cash disbursement through the commercial banks for two more weeks.

He said, “A day or two after we briefed you here the CBN deputy governors came here and we had a fruitful meeting with them and we gave them proposals on how best to solve the problem, immediately after that they swung into action and they have done averagely well.

“With reports coming from all the states of the Federation, and local governments on the level of compliance of banks, we’re happy to tell you that yes, there is compliance by CBN.

“After NEC meeting, we doubted the sustainability of that compliance and we don’t want to be calling you back after two days, we want to monitor this compliance for the next two weeks to see whether it is sustainable because they are forced to move money to commercial banks and some of those commercial banks are getting empty again, queues are returning in some of them, so it will be very naive for the congress to horribly call off the action, whereas we’re not shutting down tomorrow.

“We want to loosen up for another two weeks, with committees set up at the national level and in all the states of the Federation to coordinate the level of compliance”, he added

President of the TUC, Festus Osifo also corroborated Ajaero’s position, said there was need to benchmark the government, not just concerning scarcity of cash but the challenges associated with fuel products and unending queues, including electricity tariff.

Osifo said CBN had erred in eroding the confidence of the people regarding their monetary policy; hence they need to restore the confidence within the two weeks grace period.

President of the TUC, Festus Osifo also corroborated Ajaero’s position, said there was need to benchmark the government, not just concerning scarcity of cash but the challenges associated with fuel products and unending queues, including electricity tariff.

Osifo said CBN had erred in eroding the confidence of the people regarding their monetary policy; hence they need to restore the confidence within the two weeks grace period.