NLC urges FG to address cash crunch immediately

The Nigeria Labour Congress, NLC, has urged the Federal Government to quickly address the current cash crunch in the country to alleviate the hardships on its citizens.

Mr Joe Ajaero, NLC President, who said this on Tuesday in a statement, said the congress was deeply concerned about the recent cash crunch that had gripped the Nigerian economy.

He said the NLC became worried over the development as the nation approached the festive season.

According to him, the economic crisis bedevilling the nation has far-reaching implications for the citizens.

“There is a need for urgent steps to be taken to address this issue to prevent further hardships for the already suffering Nigerian populace,” he said.

Ajaero alleged that the ill-conceived and ill-implemented currency redesign policy of the immediate past government orchestrated the previous cash scarcity.

He lamented that Nigerians now spend more time sourcing for cash, stressing that the development undermines confidence reposed in the Nigerian banking system.

“Nigerians are spending more time in the banks trying to source for cash, not for monies that are not in their accounts but for their own money.

“This is undermining confidence of the public in the banks and may discourage the citizenry from participating actively in banking,” he said.