NLC calls on its members working for CBN to be prepared for industrial action over cash crunch

NIGERIAN Labour Congress (NLC) leaders  have to all workers to picket on the offices of the Central Bank of Nigeria (CBN) nationwide to embark on industrial action in response to the cash crunch afflicting the country.

On November 23 last year, the Central Bank of Nigeria (CBN) launched redesigned ₦‎200, ₦‎500 and ₦‎1000 banknotes, saying the naira was long overdue to wear a new look. Nigerians had been given until January 31 to hand in all old notes, after which time they will cease to be legal tender but the process has been fraught with difficulties, prompting the National Assembly to ask the CBN to extend the deadline.

Under pressure from all angles, CBN chairman Godwin Emefiele announced a new deadline is now February 10. However, the last few weeks has been sheer hell for Nigerians as they have found it impossible to get hold of these new notes and this currency scarcity has created shortages in other areas, with petrol shortages now a chronic problem too.

At commercial banks across the country, there are chaotic scenes as customers queue for hours to get hold of these scarce banknotes. Those that manage to get hold of any money then have to spend hours queuing for fuel and to make things worse, voters who want to participate in this month's elections, when have to go and queue for hours to obtain their permanent voters cards.

Reacting to the crisis, NLC president, Joe Ajaero, called for industrial action at all CBN branches nationwide. He said the directive became imperative following the expiration of the one week ultimatum given to the apex bank to make cash available for Nigerians.

Last week, the NLC gave the CBN and commercial banks a one week ultimatum to make naira notes available to workers and Nigerians. It said it would direct workers to stay at home if the apex bank failed to make the naira notes available to Nigerians.