Cash Scarcity: NLC, CBN Meet in Abuja

In less than 24 hours after the leadership of the Nigeria Labour Congress, NLC, directed all its branches and affiliate unions to mobilize members for a shut down of all the branches of the Central Bank of Nigerian, CBN, across the country, over cash scarcity, the apex bank on Thursday evening met with the NLC at the Labour House Abuja.

Recall that the Comrade Joe Ajaero-led NLC, had on Wednesday while addressing journalists said that activities in all branches of the CBN nationwide and the Abuja headquarters will be shut down on Wednesday next due to the cash crunch in the country.

Comrade Ajaero had advised workers to stockpile food items as the industrial dispute with the CBN will be total.

He said Nigerians have been subjected to untold hardship occasioned by the scarcity of naira notes to attend to medical needs and other areas of need.

The NLC threat to paralyze activities at the CBN necessitated the impromptu meeting which started at about 5 pm on Thursday.

The two man delegation made up of the CBN Deputy Gpvrrnor in charge of operations and the Deputy Governor in charge of Economic Pokicy, told the NLC President that about two billion naira was pushed out on Thursdsy in a bid to address the hardship.

A source privy to the meeting told press that the CBN promised to ensure that the scarcity of naira notes will come to an end as quickly as possible.

“They said the money they pushed out today is equivalent to the whole money pushed out within the week. They also promised to work day and night starting from this night to ensure that there is enough money in the banks,” the source said.

He further said that the CBN denied the allegation that it was printing money out of the country and that the Governor, Godwin Emefiele has directed that the old naira notes should be made available to customers.

Besides, the source denied the allegation that the old naira notes have been burnt, assuring that there will be remarkable improvement in few days to come.

It was gathered that the NLC President, Comrade Ajaero told the CBN delegation that he was not interested in how much that was pushed out, but only interested in seeing that workers and other Nigerians collect their money in banks without stress..

“The President told them that it does not bother us how much they pushed out, our concern is to see that this hardship comes to a stop.

“He also told them that they should work day and night to solve the problem and will depend on the feedback from the average Nigerians who go to the banks to make withdrawals whether there is improvement before Wednesday next week NLC planned to picket the apex bank ,” the source said.

When contacted, the NLC President, Comrade Ajaero, confirmed the meeting and said that the interest of the leadership is to see that Nigerians are able to withdraw their money devoid of the hardship they are passing through.

“We will only know that they are serious when we see improvement,” he added.