KUNLE OLUTAYO
Following the Central Bank of Nigeria’s directive to commercial banks to dispense cash, the leadership of the Nigeria Labour Congress (NLC), and Trade Union Congress (TUC), yesterday announced the extension of the seven days strike ultimatum by two more weeks.
Announcing the extension in Abuja, after the National Executive Council meeting, NLC President, Comrade Joe Ajaero, said the extension was to enable the Federal Government and the Central Bank of Nigeria to further monitor the level of compliance of cash disbursement through commercial banks.
He said that the extension followed consultations with affiliate members of both unions over the cash crunch policy and the response so far.
Recall that the NLC had issued an ultimatum to go on strike beginning from Wednesday, nationwide, part of which included a plan to picket the various branches of the Central Bank of Nigeria.
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, had 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 tarrif.
Osifo said CBN had erred in eroding the confidence of the people regarding their monetary policy, hence, they needed to restore the confidence within the two weeks grace period.
