The Nigeria Labour Congress, NLC, may be heading for a showdown with the Federal Government over the scarcity of naira notes and petroleum products in the country.
The unavailability of cash and petrol in filling stations has thrown the country into chaos and anguish.
The Congress gave the government a seven-day ultimatum to end queues at filling stations and banks by making cash and petroleum products available to Nigerians.
The Congress, arising from a meeting of its Central Working Committee, said it would direct workers to stay at home if the government failed to resolve the cash crunch at the expiration of the ultimatum.
According to the NLC, workers, and citizens have been frustrated to a level that they can no longer keep quiet.
Joe Ajaero, the president of the Nigeria Labour Congress, who addressed journalists on Monday, March 13, 2023, in Abuja, said: “On the issue of cash crunch, the NLC is giving the FG and agencies of government, including the Central Bank of Nigeria and other banking institutions seven working days to address the issue of the cash crunch.
“If they fail to do this at the expiration of the seven days, Congress will direct all workers in the country to stay at home because it has become very difficult to access money to enter vehicles to their workplace. It is difficult to buy products from traders who don’t have Bank accounts. This is the situation we have found ourselves in.
“The Federal Government came up with a policy that even the old currency is still valid. What we have discovered is that even when the banks give you those old currencies the traders are not accepting them. Even when you take it to the same banks they are not accepting it.
“We have been frustrated to a level that we can no longer keep quiet.”
Speaking on the scarcity of petroleum products, Ajaero said: “On the issue of fuel, the Congress wishes to inform the Federal Government that we will no longer keep quiet to this issue of perennial fuel scarcity and arbitrary increases in petroleum.”
Governor Akeredolu Decries Rejection Of Old Naira Notes Following Supreme Court Order
The governor of Ondo State, Rotimi Akeredolu, has expressed his concern over the rejection of the old N500 and N1000 naira notes by Nigerians, stating that it is illegal and goes against the ruling of the Supreme Court.
Speaking during a statewide broadcast on Thursday, March 9, 2023, the governor urged Nigerians to stop rejecting the old notes and warned that anyone caught doing so would face the full wrath of the law.
“It has come to our attention that some Nigerians are rejecting the old N500 and N1000 notes, claiming that they are no longer legal tender. I want to make it clear that this is illegal and goes against the ruling of the Supreme Court,” he said.
The governor went on to explain that the Supreme Court had ruled that the old notes remain legal tender and that the Central Bank of Nigeria (CBN) had also issued a statement to that effect.
“The Supreme Court has ruled that the old notes are still legal tender, and the CBN has also issued a statement confirming this. Therefore, anyone who refuses to accept the old notes is breaking the law and will face the full wrath of the law,” he added.
The rejection of the old notes by Nigerians has become a cause for concern, with many businesses and individuals refusing to accept them. The development has led to a shortage of small denominations, as people hold on to the new notes.
The governor’s statement has been welcomed by many, who see it as a step towards addressing the issue and restoring the confidence of Nigerians in the old notes.
The Central Bank of Nigeria (CBN) has also reiterated its commitment to ensuring that the old notes remain legal tender and urged Nigerians to stop rejecting them.
The rejection of the old notes has been attributed to rumors that the CBN plans to demonetize them, which the apex bank has denied. The CBN has stated that the old notes will continue to circulate alongside the new ones, and that there are no plans to demonetize them.
The governor’s call for Nigerians to accept the old notes is expected to ease the situation and ensure that businesses and individuals have access to small denominations.
Source: The Nation
