‘Nigerians are suffering’: NLC urges FG to address cash crunch

The Nigeria Labour Congress (NLC) has urged the Federal Government to address the current cash crunch in the country to prevent hardship on the citizens.

The NLC President, Joe Ajaero, in a statement on Tuesday, December 19, 2023, said the union was deeply concerned about the recent cash crunch that had gripped the Nigerian economy, particularly as the nation approached the festive season.

Ajaero noted that the economic challenge has far-reaching implications 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,” he said.

He, however, alleged that the last cash crunch earlier in the year was orchestrated by the ill-conceived and ill-implemented currency redesign policy of the immediate past.

The NLC President stated that the sorrow that botched the exercise foisted on the citizens was not what Nigerians wished to witness again in one year.

Ajaero added: “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.

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“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.”

The NLC President stressed that this was subjecting citizens again to spend their meagre salaries buying money, automatically devaluing their income.

He, therefore, said the NLC recognised the importance of a vibrant economy, and believed that it was in the interest of the nation to ensure that the citizens would enjoy the festive season without undue financial strain.

Ajaero said: “We call on the government to take immediate and decisive action to alleviate the cash crunch and mitigate its impact on the people.

“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 faiary 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 urged the government to collaborate with other financial institutions to improve banking services, saying they should also ensure the availability of cash at ATMs and bank branches to facilitate easy access for Nigerians.

The Star