Cash Scarcity: NLC Orders Workers to Embark on Strike

March 22, 2023
Nigerian Labour Congress NLC

By Adedapo Adesanya

The Nigeria Labour Congress (NLC) has directed public sector workers in the country to embark on strike beginning from Wednesday, March 29, 2023.

President of the union, Mr Joe Ajaero, gave this directive at a media briefing at Labour House in Abuja on Wednesday, March 22.

He also directed affiliate unions of the NLC to be on standby for a picketing exercise across all branches of the Central Bank of Nigeria (CBN) nationwide.

The union leader said the directive became imperative following the expiration of a one-week ultimatum given to the apex bank to make cash available for Nigerians.

The scarcity has heightened with plans by the central bank to mop up the old Naira in circulation. The apex bank recently said it had removed N2.3 trillion from circulation between October 2022 and February 2023 while printing fewer new notes.

Business Post reported that between October last year and February 2023, the cash in circulation dropped to N982.09 billion from N3.29 trillion.

This is one of the factors that has extended the scarcity of the Naira and have also prolonged it into March.

Despite the Supreme Court judgement on March 3, 2023, that the old Naira remain legal until December 31, 2023, new notes have not reached many households with the old notes and new notes difficult to acquire.

With the cash in circulation dropping and the currency in commercial banks’ vaults or that of the CBN rising, Nigerians still find it difficult to access the money deposited in their accounts despite the ruling that the new and old notes should co-exist for 10 months.

Adedapo Adesanya

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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