The Nigeria Labour Congress (NLC) has issued a stark warning, declaring the ongoing cash shortage as not just embarrassing but also a threat to public trust in the banking system. President Joe Ajaero conveyed this message on Tuesday in a statement titled “Cash Crunch: An incitement of Nigerians.”
Ajaero vehemently rejected the Central Bank of Nigeria’s assertion that the cash crunch stemmed from hoarding, labeling it a mere fairy tale. He emphasized that Nigerians seek access to their money, not excuses. The NLC expressed deep concern over the recent cash crunch gripping the Nigerian economy, especially with the festive season approaching, urging urgent government intervention to avert further hardship for citizens.
The NLC President highlighted the extensive implications of the cash crunch on the nation’s people, emphasizing the pressing need for immediate measures to alleviate their suffering. Ajaero alleged that a previous cash shortage, earlier in the year, was a result of a poorly executed currency redesign policy, inflicting sorrow upon the populace.
He emphasized the distress faced by Nigerians spending extensive time in banks, not for funds beyond their accounts but for their own hard-earned money. The NLC’s strong stance calls for swift government action to mitigate the hardships endured by Nigerian citizens due to the ongoing cash crunch.
