NLC tasks FG to halt continues depreciation of Naira

The Nigeria Labour Congress (NLC) has called on the Federal Government to find a way to halt the free fall of naira against other international currencies to save millions of Nigerians devastated by high inflation.

The NLC in a press statement signed by its President, Ayuba Wabba, and General Secretary, Peter Ozo-Eson after its National Executive Committee (NEC) meeting,  laments that despite efforts by the Central Bank of Nigeria (CBN), naira keeps depreciating in value, exchanging at the inter-bank market at about N315.60 to the dollar on Thursday. At the parallel market, it exchanged for N470 to the dollar.

According NLC, the high exchange rate has fuelled inflation to sky high levels, with the latest figures by the National Bureau of Statistics showing an increase to about 18.3 per cent in October, from 17.9 per cent in September.

The NLC said it was concerned at the abortive efforts by the Central Bank to arrest the fall of the naira against other international currencies, saying the harm and pain from the devaluation and the attendant inflation have caused massive distress to millions of Nigerian families across the country.

The NLC took a review of the state of the nation and noted that the protest rallies in May against the increase in the pump price of petroleum products justified its position that tying fuel price crude oil price at the international market and the black market exchange rate was not sustainable.

The NLC thereby urged the government to consider a more “pocket-friendly template on petroleum pricing” in view of the pressure by devaluations of the Naira and inflation on workers’ wages, quality of life.

“NEC accordingly resolved to urge the government to take all measures necessary to arrest the recession and turn the economy around-including recovering from multinational oil companies the un-remitted over $20 billion (as reported by NEITI), $7billion bail-out fund given to commercial banks by government with no re-payment reschedule and the billions of Naira similarly given as bail-out to private airlines but with nothing to show for it.

“NEC urged the government to comprehensively reform its budget process as well as put in place a transparent and accountable system in line with the principles of good governance.”

The NLC also asked the federal government to consider a more “pocket-friendly template on petroleum pricing” in view of the pressure by devaluations of the Naira and inflation on workers’ wages, quality of life.