The Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) have sus- pended the planned strike earlier slated for today over the unavailability of naira notes. The NLC President, Joe Ajaero and TUC President, Festus Osifo, who spoke during a joint press conference yester- day in Abuja at the end of their National Executive Council meetings, said they would monitor the availability of cash in commercial banks for two weeks before deciding on the next line of action.
NWC member canvasses Senate presidency for According to Ajaero, after receiving briefings from its state councils in the 36 states and the Federal Capital Territory, the NLC decided to defer the planned stay – at – home directive issued to workers last week.
While warning that the NLC would resume the planned protest and strike if naira notes be- come unavailable to Nigerians by the end of the two weeks, he said a committee has been set up to monitor situations in banks and report to it at the end of the two weeks extension.
Recall that the NLC had issued an ultimatum to go on strike beginning from today, nationwide, part of which included a plan to picket the various branches of the Central Bank of Nigeria (CBN).
It is, however, not clear whether a meeting summoned by the Minister of Labour and Employment, Chris Ngige on Monday, between the leadership of the NLC and CBN prompted the decision to extend the ultimatum for an additional two weeks.
Ajaero, while addressing the press, admitted that the cash crunch situation had improved considerably but that they needed to monitor the compliance of cash disbursement through the commercial banks for two more weeks. President of the TUC, Festus Osifo also corroborated Ajaero’s position, saying there was need to benchmark the government, not just concerning scarcity of cash but the challenges associated with fuel products and unending queues, including electricity tariff.
Osifo said CBN had erred in eroding the confidence of the people regarding their monetary policy; hence they need to restore the confidence within the two weeks grace period.