End Naira Scarcity Now Or Face Labour Unrest, TUC Warns CBN, Tinubu

The Trade Union Congress of Nigeria (TUC) has issued a strong warning to the Central Bank of Nigeria (CBN) over the ongoing naira scarcity across the country. The Congress, representing millions of Nigerian workers, threatened to explore “usual options” if the situation doesn’t improve.

Expressing deep concern, the TUC conveyed its disquiet in a joint statement signed by its president, Festus Osifo, and General Secretary, Nuhu Toro, released on Friday, December 22, in Abuja.

The statement expressed growing concern about the “sudden, inexplicable, acute scarcity” of the naira, adding that citizens are facing difficulties accessing cash from banks and ATMs, forcing them to turn to extortionist Point-of-Sale (POS) operators who charge exorbitant fees.

The TUC criticised the apparent difficulty faced by the CBN in ensuring the availability of the Naira to the working populace and citizens. They described this situation as unfortunate and unacceptable, subjecting Nigerians to unnecessary hardships.

The TUC’s statement questioned the rationale behind the prolonged hardship inflicted on ordinary Nigerians during the festive season, expressing strong dissatisfaction with the insensitive policies causing suffering.

The TUC called upon President Bola Tinubu’s administration to promptly and decisively address the situation, demanding that monetary and fiscal policies should be in the best interest of the suffering populace.

Stressing the urgency of the situation, the TUC unequivocally stated, “This Naira scarcity must end now!!! Otherwise, the TUC, its affiliates, and our allies would be forced to consider exploring our usual options whenever the working people are pushed to the wall.”

The statement read, “The Trade Union Congress of Nigeria has watched with growing concern, alarm and dismay the sudden, inexplicable, acute scarcity of our currency, the Naira, across the country. Citizens simply find it difficult to access the Naira from banks and their outlets (especially the Automated Teller Machines, A. T. M). Consequently, they are being forced to patronise extortionist P. O. S operators who charge Shylock rates.

“We are amazed that the Central Bank of Nigeria is finding it extremely difficult to make our currency available to the working people and the citizens.

“To say the least, this is unfortunate and unacceptable. Nigerians have continued to be subjected to needless excruciating hardship by insensitive and heartless agents and agencies of government, whose actions and inactions are really difficult to fathom and impossible to defend. What is the offence of the ordinary Nigerians that they have to face so much pains and tribulations without let off, even in this solemn Yuletide season?

“The President Tinubu Administration must move pronto and decisively and for once get its monetary and fiscal policies right and working in the interest of the long-suffering people.

“This Naira scarcity must end now!!! Otherwise, the TUC, its affiliates and our allies, would be forced to consider exploring our usual options whenever the working people are pushed to the wall.”