By Adedapo Adesanya
The Nigeria Labour Congress (NLC) has expressed concerns over the lingering cash scarcity in the country, saying that the situation has serious implications for the citizens.
In its latest statement signed by its President, Mr Joe Ajaero, the union warned the federal government and the Central Bank of Nigeria (CBN) that a mass public protest was imminent if nothing was done to address the naira shortage.
Describing the cash crunch as another test to try the patience of Nigerians and Nigerian workers, Mr Ajaero said the prevailing scarcity of the naira was unacceptable, saying urgent steps must be taken to address this issue to prevent further hardships for the already suffering Nigerian populace.
“We are worried that by this action and others, the government may be inciting the people and mobilising them to seek alternative routes for protecting themselves from these perverse policies. We believe that the elastic limit of the patience of Nigerians is being breached and no government inflicts this level of pain on its citizenry and expects them to keep quiet for a long time,” Mr Ajaero said.
“Forcing Nigerians into revolt by continuously taking actions that deny them basic access to survival will not augur well for our nation. This cash crunch is indeed another test of the already worn patience of Nigerian masses and workers,” he added.
The labour union leader said the development was undermining the 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.
“Subjecting us again to spend our meagre salaries buying our money automatically devalues our income. POS operators currently charge around N400 to access N10,000. This is about a 4% reduction in the value of the income of poor Nigerians who hardly make use of electronic platforms to perform their transactions. For citizens who are already impoverished by the same policies of Government, foisting this on them again amounts to gross insensitivity and double jeopardy,” he stated.
Mr Ajaero 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 could enjoy the festive season without undue financial strain.
He urged President Bola Tinubu’s administration to take “immediate and decisive action to alleviate the cash crunch and mitigate its impact on the people.”
Modupe Gbadeyanka