The Nigeria Labour Congress (NLC), the Trade Union Congress of Nigeria (TUC), and the Nigeria Employers’ Consultative Association (NECA) have decried the sharp decline of the naira against the dollar and called on the Federal Government to act swiftly to address the situation.
The NLC warned that without prompt measures, it may resort to taking drastic actions to pressure the relevant authorities to rescue the naira and the economy.
NECA bemoaned that the plummeting of the naira was crippling businesses in the country.
NLC President, Joe Ajaero, in a statement on Sunday, October 29, titled “Urgent action to stabilize the naira amidst alarming depreciation,” 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.
“As a nation heavily reliant on imports, Nigeria is particularly vulnerable to the adverse effects of a weakened currency. The Nigeria Labour Congress wishes to emphasize that the repercussions of this crisis will be felt acutely by workers and the masses, leading to an unbearable surge in inflation rates.”
He warned that this trend could have devastating consequences on the Nigerian economy and its citizens, especially workers and the masses, who would face a surge in inflation rates.
He also criticized the actions of many Nigerians, especially public officials, who have an unbridled taste for foreign products and do not patronize local producers, thereby weakening the naira and the economy.
Mr. Ajaero urged public officials to be patriotic and support local brands that meet international standards, and to put their food where their mouth is.
Deputy President of TUC, Dr Tommy Okon noted that the continued free fall of the naira against other currencies is nothing but plot by the International Monetary Fund, IMF, and the World Bank to continuously impoverish Nigerians.
Also reacting, Director-General of NECA, Adewale Smatt-Oyerinde, said: “The free fall of the naira against other currencies is quite worrisome. It is a huge concern for organized businesses as it directly affects the cost of doing business.