The Nigeria Labour Congress (NLC) has called upon the government led by President Bola Tinubu to urgently resolve the current cash shortage issues, alleging that operators of Point of Sale (POS) systems are exploiting Nigerians through this situation.
In a statement released on Tuesday, the labor union urged President Tinubu and the Central Bank of Nigeria (CBN) to take immediate action to rectify the cash shortage problems affecting the country. The NLC argued that there has been no clear explanation from either the CBN or the federal government regarding the recent cash scarcity experienced nationwide.
The statement expressed concerns about the economic implications, stating, “…We are creating another avenue for economic rentiers such as the POS operators and their collaborators in the Banks to fleece Nigerians. Subjecting us again to spend our meagre salaries buying our money automatically devalues our income. POS operators currently charge around N400 to access N10,000. This is about a 4% reduction in the value of the income of poor Nigerians who hardly make use of electronic platforms to perform their transactions.”
The NLC further emphasized that the government’s actions, including the cash shortage, could incite public discontent and prompt citizens to seek alternative means of safeguarding themselves from perceived adverse policies.
As the holiday season approaches, the NLC noted that the cash shortage is casting a shadow over festivities for many Nigerians, hindering their ability to meet daily needs and exacerbating economic challenges. The union called on the government to inject liquidity into the economy, ensuring sufficient cash flow to meet business and individual demands.
The NLC also urged the government to collaborate with financial institutions to enhance banking services, emphasizing the importance of clear and transparent communication from the CBN regarding steps taken to address the cash crunch and reassure citizens about the stability of the financial system.