CBN Cash Scarcity Sparks Concerns, NLC Warns of Mass Protest

The Nigeria Labour Congress (NLC) has raised concerns over the ongoing cash scarcity in the country, warning of a potential mass public protest. Despite assurances from the Central Bank of Nigeria (CBN), bank customers are facing challenges accessing cash for their daily needs. The NLC, in a statement by its National President, Joe Ajaero, emphasized the serious implications of the situation for citizens and called for urgent steps to address it.

Five days to Christmas, the Nigeria Labour Congress (NLC) expresses concerns over lingering cash scarcity in the country. Bank customers face challenges accessing cash despite assurances from the Central Bank of Nigeria (CBN). Here are key points regarding the situation:

1. Public Protest Threat: The NLC warns the Federal Government and CBN of an imminent mass public protest if the naira shortage is not urgently addressed.
2. Reasons for Scarcity: The CBN cites reasons such as an increase in fake notes in circulation and the hoarding of the naira for the ongoing cash scarcity. However, the NLC finds these reasons unacceptable and questions why ordinary Nigerians should suffer due to these issues.
3. Impact on Citizens: The scarcity has led to difficulties in meeting daily needs, causing economic challenges for ordinary citizens. The NLC emphasizes that Nigerians are spending more time in banks to source cash, undermining confidence in the banking system.
4. Call for Government Action: The NLC calls on the government to take immediate and decisive action to alleviate the cash crunch and mitigate its impact on the people. The government is urged to explore measures to inject liquidity into the economy and improve banking services.
5. Payment Delays and Economic Rentiers: The delay in stipend payments has led to financial difficulties for N-Power beneficiaries. The NLC notes that the situation creates opportunities for economic rentiers, such as Point of Sale (PoS) operators, to take advantage of citizens.
6. Government Response: The government reassures citizens about its commitment to resolving the cash scarcity issue. The NLC calls for clear and transparent communication from the CBN regarding steps being taken to address the situation.
7. Banks’ Inability to Meet Cash Needs: Bank customers are facing challenges as many ATMs are not dispensing cash, and banks are rationing cash over the counter. Some banks in the South-West reportedly source cash from northern branches to meet customer demands.
8. Public Frustration: Nigerians are frustrated with the current cash scarcity, and there are concerns that the situation may lead to public revolt. The NLC emphasizes that the patience of Nigerians is wearing thin, and the government must act to prevent further economic challenges for citizens.

In conclusion, the cash scarcity in Nigeria has raised serious concerns, with the NLC warning of possible mass protests if the situation persists. The government and CBN are urged to take swift actions to address the shortage and ensure that citizens can access cash for their daily needs.