Labour Unions Issues Fresh Ultimatum To CBN Over Naira Scarcity | READ DETAILS

The Labour Unions had proposed to embark on strike on Wednesday, March 29, however, the Central Bank of Nigeria (CBN), was quick to release cash in large quantity to banks across the federation.

Speaking in a joint press conference on Tuesday in Abuja, the National leaders of NLC; Joe Ajaero and TUC; Festus Osifo, said they would monitor the availability of cash in commercial banks for two weeks before deciding on the next line of action.

In Ajaero's words;

"Yes, there has been compliance but the NLC, after its NEC meeting, doubted the sustainability of the compliance.

"We have to monitor this compliance for the next two weeks to see whether it is sustainable because they have rushed to move money to commercial banks and some of them are getting empty again.

"It will be very naive for the congress to hurriedly call off the action. Whereas we are not shutting down tomorrow, we will want to loosen up for another two weeks with committees set up at the national level and all the states of the federation to coordinate compliance.

"There are some banks that didn't open at the weekend. We advise the CBN to play the role of the regulator. They can sanction banks that are not complying. The first and second day, the CBN said the money they were pushing per week they were pushing it daily; I wouldn't know if they are still pushing it daily.

"They have constrained the banking sector. Nigerians have suffered so much. Even those who have withdrawn N10, 000 are afraid to bring it out in case the scarcity returns.

"The NLC and TUC have decided to allow tomorrow pass without any shutdown or picketing but to watch the next two weeks.ÔÇØ