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By Chukwuma Umeorah
The Nigeria Labour Congress (NLC) has blamed the Federal Government and the Central Bank of Nigeria (CBN) for the recent cash crunch and what they termed as an incitement of Nigerians particularly in the festive period.
The NLC President, Joe Ajaero, in a statement on Tuesday, expressed deep concern over the economic challenges facing the nation and its effects on the citizens heightened by the scarcity of cash which he saw as a culmination of the an earlier hardships experienced this year following a poorly executed currency redesign policy.
The NLC claimed that the current cash crunch lacked any discernible reason, with neither the CBN nor the government providing satisfactory explanation for subjecting citizens to further suffering.
“Though we have heard reasons like; the increase in fake notes in circulation and the hoarding of the Naira, these. explanations are clearly unacceptable as we cannot see anything that will make any Nigerian hoard the Naira. In any case, it is not the ordinary Nigerian that hoards money in their houses.
If the CBN is saying that those with ill-gotten wealth are stashing cash in their houses to avoid detection, it becomes a heavy indictment on the government anti-corruption agenda. This is because what the CBN is saying is that since the assumption of office of the current government, the level of graft has increased resulting in the creation of hideouts for the slush funds. The question then is; should the ordinary citizens be made to suffer the apparent incompetence of government in prosecuting the anti-corruption war or is it that there is actually no anti-corruption war going on?” he querried.
The labour union pointed out that most Nigerians were spending considerable time in banks just to access their own money, a situation that undermines public confidence in the banking system.
“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 pains on its citizenry and expects them to keep quiet for a long time. 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.
“The yuletide season is traditionally a time of joy, celebration, and familial gatherings, but the current cash shortage threatens to cast a shadow over the festivities for many Nigerians. The unavailability of cash has led to increased difficulties in meeting daily needs, exacerbating the economic challenges faced by ordinary citizens.”
Further highlighting its impact, NLC noted that the crunch would subject Nigerians to spending their already meagre salaries buying cash, automatically devaluing their and will give room for POS operators to exploit people.
NLC therefore called 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. We urge the CBN to provide clear and transparent communication to the public regarding the steps being taken to address the cash crunch and reassure citizens about the stability of the financial system.”
