The Nigeria Labour Congress (NLC) has warned that its ultimatum to the Central Bank of Nigeria (CBN) to provide sufficient cash within two weeks or risk the picketing of its offices still stands, stressing that cash circulation across Nigeria is still low.
Recall that the NLC had shelved plans to picket CBN state offices nationwide over the scarcity of naira notes.
NLC and the Trade Union Congress had suspended the planned strike and stay-at-home action scheduled to commence on March 29.
The two unions disclosed that they would monitor the availability of cash in commercial banks for two weeks before deciding on the next line of action.
Giving an update while speaking to The PUNCH, the Vice-President of the NLC, Adewale Adeyanju, said that the current cash flow was not 100 percent as expected, however, admitting that the situation was better than what was obtained in the past few weeks.
He stated that labour unions would meet to review the two weeks ultimatum issued to the CBN in order to decide on the way forward.
Adeyanju said, “We have given them two weeks. You know we said the two weeks is for the CBN to go and ensure that they dispense naira to all Nigerians, and it is yet to elapse. So when we meet, we are going to review it, the NLC always review its actions.
“If we are satisfied with the CBN cash flow, we will know what action to take. Although I think it is better than before, nobody is complaining now, and that is why additional two weeks were given to CBN to review all their past activities so that money can be dispensed to Nigerians.
“So the threat for the strike is suspended for now until when the two weeks given to CBN elapses. If they cannot meet up and Nigerians are still agitating that the naira is not properly dispensed, congress will review its activities and get back to Nigerians.
“The cash flow is not 100 percent as expected, but it has reduced when compared to when someone will stay in the bank for days before you can get N5000. So let us give them another benefit as the NLC has directed. It has reduced tremendously. We have yet to fix a date for the meeting.”
He stated that the labour unions would review their ultimatum if the cash scarcity failed to improve as expected.
Adeyanju said the NLC has its own way of conducting its activities, stressing that the planned strike was suspended to ensure the naira is circulated to all Nigerians.
He said when the deadline elapses, and they find out that the CBN did not meet up to the required standard, the unions will review the ultimatum.
