In a stark expression of concern, the Nigeria Labour Congress (NLC) President, Joe Ajaero, has decried the severe impact of the forex crisis on the nation’s economy, urging immediate measures to stabilize the declining naira. The NLC’s plea comes as the economy faces potential repercussions from the devaluation of the national currency against the American dollar.
Ajaero, in a statement titled “Urgent action to stabilize the naira amidst alarming depreciation,” attributed the free fall of the naira to the government officials’ penchant for foreign luxury products. As the meeting between the Federal Government and organized labor approaches, Ajaero warns of the impending “wave of devastating consequences” if the naira’s stability against the dollar is not restored.
While the investor and exporter window has maintained relative stability, the parallel market, crucial for most individuals and businesses, has witnessed a surge to over N1,000/$. Manufacturers are grappling with the consequences, facing challenges in sourcing raw materials, and some are contemplating job cuts and production reductions.
In a move to address the root cause, the NLC placed blame on politicians, urging public officials to curb their affinity for foreign goods, which it believes contributes to the naira’s depreciation. Ajaero emphasized the need for officials to prioritize locally manufactured products, warning that failure to do so would have detrimental effects on the economy.
As the meeting between the Federal Government and organized labor looms, the NLC president underscored that the Minister of Labour and Employment, Simon Lalong, would not be welcome at the table. The labor leader accused Lalong of supporting a faction of the National Union of Road Transport Workers, further intensifying tensions.
Amid these challenges, the NLC outlined recommendations for the Federal Government, including deliberately “protecting” the naira by purchasing locally manufactured goods and encouraging officials to refrain from buying foreign products. The Congress emphasized the importance of patriotism in officials’ choices to bolster the value of the naira in the foreign exchange market.
