Cash crunch: Ngige meets NLC, CBN officials over planned stay-at-home threat

Labour and Employment Minister Chris Ngige yesterday met with officials of the Nigeria Labour Congress (NLC) and Central Bank of Nigeria (CBN) in a bid to stop the planned picketing of the apex bank’s offices nationwide by the umbrella labour union over unavailability of naira notes.

The 10-man delegation of the NLC was led by its President, Joe Ajaero, and the General Secretary, Emmanuel Ugboaja; while CBN Governor Godwin Emefiele was accompanied by two deputy governors, Kingsley Obiora (Economic Policy) and Ade Shonubi (Organised Private Sector).

The NLC had threatened to embark on nationwide strike if the cash crunch, fuel scarcity and electricity tariff increases were not addressed by the Federal Government.

The umbrella labour union had directed workers to stay at home from tomorrow, if there were no improvements in the situation.

But in response to the situation, the CBN made old naira notes available to commercial banks and directed the banks to operate during the weekend to ease the cash crunch.

The NLC is expected to review the situation today and take a decision on the planned nationwide protest.

In a statement at the end of the meeting by the Director of Press and Public Relations in the Ministry of Labour and Employment, Olajide Oshundun, the minister refuted the allegation by the NLC that the ministry did nothing about the unavailability of naira notes.

Ngige said on receiving the letter from NLC, he forwarded it to Emefiele before travelling out of the country for an International Labour Organisation (ILO) Governing Board’s meeting.

The minister said he directed the ministry’s Permanent Secretary as well as Trade Union Services and Industrial Relations Department to follow up.

He stressed that the ministry sent the letter to CBN governor who he said assured that action would be taken on the matter.

Emefiele said when he received the letter from the Federal Ministry of Labour and Employment, he called Ajaero to brief him on steps taken to alleviate the sufferings of the masses and equally made appointments and had fruitful discussions with the NLC president.

The CBN governor said large volumes of funds were made available to the deposit money banks, which he said were also directed to open their branches on Saturdays and Sundays.

He said the banks complied with the directives under strict supervision of the CBN.

Emefiele said following the steps taken, Nigerians have been accessing their money.

Ajaero had said the NLC only got a reply to its second letter to the ministry and, subsequently, an invitation to the meeting.

He said the umbrella labour union no longer envisaged any problem, since CBN had started sending cash to the banks and Nigerians were accessing their money.

The NLC president acknowledged that meetings had taken place in the spirit of good dialogue.

But Ajaero urged the CBN to improve on its services, regretting the information gap created in the implementation of the naira redesign policy.

He said: “The NLC could not have stopped CBN from taking good decisions and implementing them in the interest of the nation. If stakeholders were invited and briefed on the policy, when the people complain, NLC would explain everything to them. But in this case, the CBN did it alone. Moreover, it is the wrong time for administering such a national policy.”

Ajaero assured all stakeholders that the National Executive Committee (NEC) of the NLC would meet today where members from states and local government areas are expected to report on availability of money and a decision will be taken on the planned strike.