NLC Asks Tinubu, CBN to Intervene in The Naira Note Shortage
Nigerian Labour Congress (NLC) has asked President Tinubu and the Central Bank of Nigeria (CBN) to quicky address the naira notes shortage, ahead of the yuletide season.
The congress, in a statement on Tuesday, said the cash shortage was creating an opportunity for economic rentiers and their collaborators in banks, to fleece Nigerian workers.
For instance, the congress said the point-of-sale operators (POS) are using the cash shortage to extort Nigerians, charging as much as N400 on every N10,000.
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The development, according to NLC, is further devaluing the meagre income of the workers, amounting to double jeopardy for the workers who are already impoverished.
A former President, Association of National Accountants of Nigeria, Dr Sam Nzekwe, wondered what could be responsible for the scarcity, saying he had initially thought the CBN was deliberately mopping up cash in circulation.
He said, If (the cash scarcity) is a monetary policy (action) by the CBN, I think it is using a wrong policy to tackle this current inflation; because the current inflation is a cost-push inflation. But now, CBN has denied that it is not the one that is causing the scarcity.
But right now, I really don’t understand, what is causing that, everybody is confused. You go to bank and you don’t see any money.
It is too bad that money is not in the system. The CBN should be able to do better to address what has caused the scarcity of the naira. They should do that before the challenge will worsen the challenge already in the country.
