NLC asks FG to intervene in lingering cash scarcity

By Abubakar Yunusa

The Nigeria Labour Congress (NLC) has asked the government to take decisive action to alleviate the cash crunch and mitigate its impact on the country.
The Central Bank of Nigeria (CBN), had on December 13, 2023, attributed the cash scarcity to the hoarding of the currency by some individuals.
Joe Ajaero, the NLC president, in a statement on Tuesday, said the ongoing cash crunch is “an incitement of Nigerians”.
Ajaero said the congress is deeply concerned about the recent cash constraint that has gripped the Nigerian economy, especially as the festive season approaches.
He said the economic challenge has far-reaching consequences for Nigerians.
“There is need for urgent steps to be taken to address this issue to prevent further hardships for the already suffering Nigerian populace,” the NLC president said.
“Nigerians are spending more time in the banks trying to source for cash not for monies that are not in their accounts but for their own money.
“This is undermining confidence of the public in the banks and may discourage the citizenry from participating actively in banking.
“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.”
Ajaero said the situation is subjecting citizens to spend their meagre salaries buying money, automatically depreciating their income.
He said the NLC understands the value of a vibrant economy and believes it is in the nation’s interest to ensure that the citizenry enjoys the festive season without financial hardship.
“We call on the government to take immediate and decisive action to alleviate the cash crunch and mitigate its impact on the people,” Ajaero said.
“Government should therefore explore measures to inject liquidity into the economy, ensuring that there is sufficient cash flow to meet the demands of businesses and individuals.
“It is fairy tale to continue brandishing cash hoarding as an excuse. Nigerians want their money and it should be made available to them.
“Excuses are not what Nigerians want to hear but access to their money.”
Ajaero, therefore, encouraged the government to work with other financial institutions to improve banking services, as well as assure the availability of cash at ATMs and bank branches to provide the public with convenient access.