Nigeria Labour Congress (NLC), yesterday, tackled the Federal Government on recent cash crunch and state of the national economy, as the festive season approaches.
The labour centre, which stated that the economic challenge has far-reaching implications for the citizens, sought urgent steps to address the issue to check more hardship for the suffering populace.
A statement by NLC president, Joe Ajaero, said the unavailability of cash has increased difficulties in meeting daily needs and worsened the economic woes of ordinary citizens.
Noting that the crunch was indeed another test of the already worn patience of Nigerian masses and workers, Labour submitted that the current cash shortage threatens to cast a shadow on the festivities for many Nigerians.
It recalled the excruciating conditions Nigerians were subjected to as a result of the last cash crunch earlier in the year caused by the currency redesign policy of the immediate past administration.
NLC said the sorrow that botched the exercise foisted on the citizens is not what they wished to witness again in one year.
The union claimed that the challenge is already creating another avenue for economic renters such as Point on Sale (POS) operators and their collaborators in the banks to fleece Nigerians.
The labour centre called on the government to take immediate and decisive action to mitigate the impact of the policy on the people.
It urged the current administration to explore measures to inject liquidity into the economy and ensure that there is sufficient cash flow to meet the demands of businesses and individuals.
NLC equally advised the government to collaborate with other financial institutions to improve banking services such as ensuring the availability of cash at Automated Teller Machines (ATMs) and bank branches to facilitate easy access by the public.
The congress charged the Central Bank of Nigeria (CBN) to provide clear and transparent communications to the public regarding steps being taken to address the problem and reassure citizens about the stability of the financial system.
Noting that the NLC is not unmindful of the complexities of managing an economy, especially during challenging times, Ajaero said the government needed to prioritise the well-being of its citizens and take immediate action to alleviate their suffering.
“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 four per cent 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 the government, foisting this on them again amounts to gross insensitivity and double jeopardy,” the statement said.
