Why NLC suspended strike


THE Nigeria Labour Congress, NLC, has given reasons for the suspension of its planned nationwide indefinite strike over the scarcity of naira notes across the country.

NLC had planned to begin an indefinite stay-at-home strike and picketing of the Central Bank of Nigeria, CBN headquarters, and its branches across the country from yesterday over the CBN's Currency Redesign policy that had inflicted pains on Nigerians and businesses.

Leaders of NLC however suspended the planned industrial action after a meeting of its National Executive Council, NEC, meeting Tuesday.

Giving reasons for the suspension, President of NLC, Joe Ajaero, in a statement,  informed that CBN engaged leaders of NLC twice before the seven day strike notice expired  where NLC "demanded that certain measures be taken to make cash available to all Nigerians. Some of these measures were our insistence on Saturday and Sunday full banking services until a healthy cash situation is restored and the expansion and deepening of their sorting and issuing operations to release Cash to all Bank branches across the nation.

"The NLC had since then held two sessions of Its NEC to discuss the issues and review the level of compliance with our demands by the CBN to make Cash available to Nigerians wherever they may be located in the country. In our meeting yesterday, Tuesday the 28th day of March 2023 NEC received live reports from all the states of the federation and local governments on the Cash situation in their respective locations."

He explained that reports across the country indicated high improvement of the circulation of naira notes in the urban areas, saying "however in rural communities and towns, Cash scarcity seemingly persists to some degree. Banks have however continued to ration access to cash thus limiting financial transactions. It does appear that normalcy has not completely been restored as long queues are still visible to allow cash to flow seamlessly as before the unfortunate policy

"As a function of the reports received, and in collaboration with the Trade Union Congress of Nigeria, TUC who also had its NEC to discuss the same issues; we resolved to suspend the proposed nationwide strike planned for today, Wednesday the 29th of March, 2023 since there is a significant improvement in the availability of Cash across the nation.

"Meanwhile, the CBN should ensure that total normalcy is restored to cash availability within the nation in the next two weeks. NLC will embark on a nationwide strike without warning if the Cash situation degenerates instead of returning to normalcy."

Culled from Vanguard

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