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Cash scarcity: Ministry meets with labour, CBN to avert strike

Customers queuing to withdraw cash at ATMs.

The Minister of Labour and Employment, Chris Ngige, yesterday met with the leadership of the Nigeria Labour Congress (NLC), and the Central Bank of Nigeria (CBN) management in a bid to avert the impending nationwide strike billed to commence tomorrow.

Recall that the NLC last week Wednesday directed all its branches across the country and the affiliate unions to embark on mobilisation of members for the proposed strike due to the scarcity of naira notes that has caused untold hardships to Nigerians.

It threatened to embark on nationwide industrial action, if the cash crunch, fuel scarcity and electricity tariff increase were not addressed.

The NLC also advised its members to stockpile food stuffs, saying that it will occupy all branches of the CBN nationwide and its headquarters from Wednesday.

Ngige in a statement by the Director of Press in the Ministry, Olajide Oshundun, invited the leadership of the Congress and the CBN management to a meeting in his office on Monday, to resolve their differences.

The 10-man delegation of the NLC was led by the President, Comrade Joe Ajaero and the General Secretary, Emmanuel Ugboaja while the CBN Governor, Godwin Emefiele was accompanied by two Deputy Governors, Kingsley Obiora (Economic Policy), and Ade Shonubi (Organised Private Sector).

Ngige, at the meeting was quoted as refuting the allegation of the NLC that his Ministry did nothing about the notice of the strike.

He added that he forwarded the letter to the CBN Governor before travelling out of the country for an International Labour Organisation (ILO) Governing Board meeting, and directed the Permanent Secretary and Trade Union Services and Industrial Relations Department to follow-up.

He informed that after sending the letter, the CBN Governor, Godwin Emefiele, who received it, assured that action would be taken.

If stakeholders were invited and briefed on the policy, when the people complain, NLC would explain everything to them. But in this case, the CBN did it alone.

Alleviating the sufferings

On his part, Emefiele said when he received the letter from the Labour Ministry, he called the NLC President, Joe Ajaero, to brief him on steps taken to alleviate the sufferings of the masses and also held a meeting with him.

He said large volumes of funds were made available to the deposit money banks, and were directed to open their branches on Saturdays and Sundays and they complied under strict supervision by the CBN.

Earlier, Ajaero said the NLC only got a response to their second letter to the Ministry and subsequently, an invitation to the meeting.

He assured that the Congress no longer envisages any problem, since the CBN has started sending cash to the banks, and Nigerians are now able to access their money, adding that the meetings took place in the spirit of good dialogue.

He, however, urged the CBN to improve on their services, and decried the information gap created in the implementation of the Naira redesign.

He said: “NLC could not have stopped CBN from taking good decisions and implementing them in the interest of the nation. If stakeholders were invited and briefed on the policy, when the people complain, NLC would explain everything to them. But in this case, the CBN did it alone.

“Moreover, it is the wrong time for administering such a national policy.”

Ajaero also assured that the National Executive Committee (NEC) of NLC will meet today, where members from the states and local government areas are expected to report on the availability of money, after which a decision will be taken on the strike.

The Minister, however, assured that whether the NLC is embarking on dispute of right or dispute of interest, the dispute has been apprehended and can only result in more dialogue and not strike.

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