The leadership of the Nigeria Labour Congress, NLC, has stated that the country’s present cash flow is not as envisaged.
The NLC cautioned that its ultimatum to the Central Bank of Nigeria to produce adequate cash within two weeks or face office picketing remains in effect.
The vice-president of the Nigeria Labour Congress, Adewale Adeyanju, stated in a statement that the congress was watching the CBN’s cash supply to commercial banks.
Adeyanju, who acknowledged that the situation was better than it had been in recent weeks, stated that the NLC would convene to evaluate the ultimatum issued to the CBN in order to determine the next steps.
“We have given them two weeks,” he stated. We previously stated that the CBN has two weeks to ensure that the naira is distributed to all Nigerians, but the deadline has not yet passed. Hence, when we meet, we will review it; the NLC constantly reviews its operations.
“We will know what to do if the CBN’s cash flow meets our expectations. Although I believe it is better than before, nobody is complaining now, and that is why the Central Bank of Nigeria (CBN) was given an additional two weeks to evaluate their past activities so that money could be distributed to Nigerians.
Hence, the threat of a strike has been deferred till the expiration of the two weeks provided to CBN. If they are unable to meet and Nigerians continue to complain that the naira is not distributed appropriately, Congress will examine its efforts and communicate with Nigerians.
“The cash flow is not 100 percent as anticipated, but it has decreased compared to the days when it took days to withdraw N5,000.” Thus, let’s provide them with another benefit as recommended by the NLC. It has decreased drastically. We have not yet scheduled the meeting.”
Adeyanju went on to say that the unions would reconsider their ultimatum if the financial shortage did not improve as anticipated.
“The NLC conducts its activities in its own manner. To ensure that the naira is being distributed to all Nigerians, we gave them two weeks and suspended the planned strike.
“If the time has passed and we discover that they did not achieve the required standard, we will reconsider our ultimatum. The deadline of two weeks remains in effect,” he remarked.