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NLC Gives CBN 2wks to normalise supply

THE Nigeria Labour Congress, NLC, has suspended its planned nationwide indefinite strike and picketing of Central Bank of Nigeria, CBN, offices over the scarcity of naira notes.Information Guide Nigeria

Recall that NLC had planned to begin the nationwide sit-at-home indefinite strike from today (Wednesday, March 29) and picketing of CBN headquarters and its state offices across the country over the cash crunch that had brought untold hardships to Nigerians and businesses.

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VANGUARD reports that NLC in a resolution disclosed that the NEC-in-session after extensive discussions said the scarcity of cash is a consequence of the CBN’s currency redesign policy.

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It noted, “the CBN has made significant efforts to curb cash scarcity in Nigeria, thus to some extent complied with the demands of NEC that availability of cash has noticeably improved in the major urban centres in Nigeria.

”But in rural communities and towns, cash scarcity seemingly persists, that banks have, however, continued to ration access to cash, thus limiting financial transactions across the nation.

”It does appear that normalcy has not completely been restored as long queues are still visible to allow cash flow seamlessly as before the unfortunate policy.NYSC Portal

“To this end, NEC-in-session decides to suspend the proposed nationwide strike planned for today (Wednesday, March 29, 2023), since there is significant improvement in the availability of cash.

“All workers and affiliates are hereby requested to demobilize and stand down every action towards the strike.

”The CBN should ensure that total normalcy is restored to cash availability within the nation in the next two weeks. NLC will embark on nationwide strike without warning if the cash situation degenerates, instead of return to normalcy.

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“A joint committee of NLC at national and state level is hereby setup to monitor sustainable compliance by CBN towards ensuring that the cash crunch finally comes to an end.”JAMB Result

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Idongesit Akpa-Ayang

Idongesit is a graduate of Communication Arts, University of Uyo. Currently working as a news reporter at InfoGuide Nigeria.

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