NLC, TUC, And NECA Raised Alarm Over Fall In Naria

NLC, TUC, And NECA Raised Alarm Over Fall In Naria

The Nigeria Labour Congress, NLC, Trade Union Congress of Nigeria, TUC, and the Nigeria Employers’ Consultative Association, NECA, yesterday raised the alarm over the continued free fall of the naira, asking the Federal Government to take urgent steps to stabilize the national currency.

TUC expressed regrets over the debilitating effects of the slide in naira value on workers, through inflation, NECA, which is the voice of business in the Nigeria, lamented that free fall of the naira was shutting down businesses in the country.

NLC in a statement, titled “Urgent action to stabilize the naira amidst alarming depreciation,” President of NLC, Joe Ajaero, said: “The NLC expressed grave concern over the rapid and unprecedented devaluation of the Nigerian naira against major world currencies, particularly the United States Dollar.

“This alarming trend, if left unchecked, threatens to unleash a wave of devastating consequences on the Nigerian economy and its citizens.

NLC specifically warned that in the absence of swift and tangible interventions, it might be compelled to take appropriate steps to compel relevant authorities to prioritise rescue of the naira, the economy, and ultimately, the entire nation.

We, therefore, call on all Nigerian public officials to be more patriotic in their choices and favour locally manufactured goods.

‘’The positive multipliers created by patronizing locally manufactured goods is huge and is capable of jump-starting the critical sectors of the nation’s economy but our refusal to do that has left the naira wobbling.

The Nigeria Labour Congress, hereby, calls upon the custodians of our economy to recognize the gravity of the situation and take immediate and decisive action to halt this uncontrolled depreciation of the naira.

“We implore the monetary authorities to implement effective measures to safeguard the naira, stabilize the economy, and secure the future of our beloved nation.

“All nations of the world take pride in protecting their domestic currencies from all manner of threats but the reverse seems to be the case in Nigeria.