Today 4 June, 2023

BREAKING: Labour not satisfied with CBN level of compliance on Naira crisis, shifts ultimatum

BREAKING: Labour not satisfied with CBN level of compliance on Naira crisis, shifts ultimatum

The organised labour has expressed dissatisfaction with the level of compliance displayed so far by the Central Bank of Nigeria (CBN) on the availability of cash in banks.

The Labour Union had last week vowed to commence a nationwide industrial action on Wednesday if the cash crunch gripping the country is not effectively addressed by the apex bank.

And in response to the threat, the CBN promised to release more old notes into circulation, which it reportedly did as commercial banks opened over the weekend and freely doled out cash to Nigerians without any financial restriction.

But the organised labour earlier today expressed displeasure at the level of improvement seen in the country.

The unions noted that though there was some level of improvement in making naira notes available through banks, many Nigerians are still finding it difficult to get the naira notes.

Briefing journalists in Abuja, the NLC President, Comrade Joe Ajaero flanked by his Trade Union Congress counterpart, Comrade Festus Osifo, said some banks did not comply with the directives that cash should be made available without stress.

Consequently, the organised labour said it will extend the deadline given to the CBN, to ensure the availability of naira notes for two weeks.

Comrade Ajaero said that the organised labour will not shut down the CBN branches tomorrow, but was ready for a long distance race as regards the struggle to ensure that the sufferings are reduced.

He said after its NEC, NLC doubted the sustainability of the compliance level by banks, adding that the two weeks extension of the deadline was to monitor the compliance.

According to him, some of the commercial banks are getting empty and that some of them did not open for transactions on Saturday and Sunday as agreed.

He called on the management of the CBN to play their regulatory role to ensure that the commercial banks comply with the directive.

He said committees were set up at the national level and in all the states to coordinate the level of compliance.


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