The Nigeria Labour Congress (NLC) has called on the Federal Government to take immediate action to address the current cash crunch in the country, expressing concern about its impact on citizens as the festive season approaches.
In a statement titled “Cash crunch: An incitement of Nigerians,” NLC President, Mr Joe Ajaero, emphasized the urgent need for steps to prevent further hardships for the already suffering Nigerian populace.
Ajaero alleged that the recent cash crunch was a result of the ill-conceived and ill-implemented currency redesign policy of the immediate past. He noted that the citizens experienced sorrow from the botched exercise and expressed concern that a similar situation might occur again within a year.
The NLC president highlighted the inconveniences faced by Nigerians who spend more time in banks trying to source cash for their own money, not funds that are not in their accounts. This situation, according to Ajaero, undermines public confidence in banks and may discourage active participation in banking.
He criticized the current scenario, where Nigerians have to spend money to gain access to their hard-earned income, creating opportunities for economic rentiers such as Point of Sale (PoS) operators and their collaborators in banks to take advantage.
Ajaero urged the government to explore measures to inject liquidity into the economy, ensuring sufficient cash flow to meet the demands of businesses and individuals. He stressed that Nigerians want access to their money and called for collaboration with financial institutions to improve banking services, including the availability of cash at ATMs and bank branches for easy public access.
