NLC Suspends nationwide strike.

By Afolabi Oyekunle.

The planned nationwide strike for Wednesday 29th of March 2023 by the Nigeria Labour Congress over the inability of Nigerians to obtain money from the commercial banks has been suspended.

NLC has given the Central Bank seven days to improve money supply or face picketing of its offices nationwide.

According to the communique signed by the NLC President Comrade Joe Ajaero and General Secretary Comrade Emmanuel Ugboaja, after its National Executive Council meeting in Abuja, NLC said it has observed some level of compliance with its directive that money should be made available to the people by the banks.

“The NEC-in-session after extensive discussions reviewed the undercurrents of the current cash crunch across the length and breadth of Nigeria which was a consequence of the Central Bank of Nigeria’s (CBN) Currency redesign policy to determine the level of availability of Cash in all parts of Nigeria.

It thus arrived with the following decisions

That the CBN has made significant efforts to curb cash scarcity in Nigeria thus to some extent complied with the demands of NEC.

That availability of Cash has improved in the major urban centres in Nigeria.

That however in rural communities and towns cash scarcity seemingly persists.

That Banks have however continued to ration access to cash thus limiting financial transactions across the nation.

To this end, NEC-in-session decides as follows :to suspend the proposed nation wide strike planned for Wednesday the 29th of March, 2023 since there is significant improvement in the availability of cash.

It called on all workers to demobilize and stand down every action towards the strike.

It called on CBN to ensure that total normalcy is restored within the next two weeks or NLC will embark on nation wide strike without warning if the Cash situation degenerates instead of return to normalcy.

It therefore said a joint committee of NLC at national and state level will be set up to monitor sustainable compliance by CBN towards ensuring that cash crunch finally comes to an end.