JUST IN: NLC gives Buhari’s government and CBN seven days to end naira scarcity

The Nigeria Labour Congress (NLC) has issued a seven-day ultimatum to the Federal Government under the administration of President Muhammadu Buhari to end the cash crunch in the country.

NLC president Comrade Joe Ajaero issued the ultimatum on Monday, March 13, 2023, in Abuja, at the opening session of the Central Working Committee (CWC) meeting of the labour union.

Ajaero, who frowned at the difficult situation foisted on Nigerians as a result of the cash swap policy of the Federal Government, warned that on the expiration of the seven days, workers would be directed to stay away from work if nothing is done to ameliorate the situation.

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The NLC president equally criticised the current fuel scarcity in the country, lamenting that workers and Nigerians are being pushed to the wall.

“On this issue of fuel scarcity and cash crunch, Congress wish to inform the Federal Government that we will no longer keep quiet.

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“NLC is giving the CBN and the FG seven working days, if they fail to do the needful at the expiration of the seven days, all workers in Nigeria should stay at home,” Ajaero stated before the meeting went into a closed-door session.

Meanwhile, the Lagos State Governor Babaji Sanwo-Olu had said the old naira note remains legal tender in Lagos.

In a press release by Commissioner for Information and Strategy, Lagos State, Gbenga Omotoso, the governor noted the hardship sparked by the Naira redesign policy, which has affected business and commercial activities.

Sanwo-Olu has called on business owners, especially retailers, to accept the old N500 and N1,000 notes – in line with the Supreme Court judgement that the currency remains legal tender until December 31, 2023. It is illegal to reject the notes.

The court maintained that the policy had impeded the functions of State governments, pointing out that the directive that stops the use of the old notes is illegal, unconstitutional, null, and void.

The apex court declared that “no reasonable notice was given as required by Section 20(3) of the CBN Act,” noting that the public only became aware of the policy through press remarks, which cannot qualify as a notice to the public.

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There is no reason to reject the old notes, going by the Supreme Court judgement delivered on March 3, 2023.

All agencies of the Lagos State Government are advised not to reject payments made with the old currency by the public.

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