NLC Threatens Protests as Banks Tighten Withdrawal Limits, The Nigeria Labour Congress (NLC) expressed deep concerns on Tuesday about the ongoing cash scarcity in the country, just five days before Christmas. In a statement by its National President, Joe Ajaero, the NLC emphasized the serious implications of the situation for citizens and urged urgent measures to address it. Despite assurances from the Central Bank of Nigeria (CBN), bank customers have faced challenges accessing cash for daily needs. Over-the-counter cash rationing and non-functioning ATMs have contributed to the difficulties.
The NLC warned of an imminent mass public protest if the government and the CBN fail to address the naira shortage. Ajaero criticized the lack of discernible reasons or explanations for the ongoing suffering and emphasized the unacceptability of reasons such as an increase in fake notes and hoarding of the naira. He questioned the government’s anti-corruption agenda to see if ill-gotten wealth was being stashed in houses, putting the blame on ordinary Nigerians.
The Nigeria Labour Congress (NLC) expressed deep concerns about the persistent cash scarcity in the country and warned of the possibility of mass public protests if the situation is not promptly addressed. In a statement, NLC National President Joe Ajaero criticized the lack of discernible reasons for the ongoing suffering, challenging the government’s anti-corruption agenda if ill-gotten wealth is being stashed in houses.
The NLC expressed concern about the increased time citizens spend in banks trying to access their own money, undermining public confidence in the banking system and potentially discouraging active participation in banking. The union criticized the additional financial burden on citizens, particularly through the high charges imposed by Point of Sale (PoS) operators for accessing their funds. The NLC stated that the government’s actions may be inciting people to seek alternative means of protection against these policies.
The Nigeria Labour Congress (NLC) expressed serious concern over the lingering cash scarcity in the country, warning of potential mass public protests if the situation is not promptly addressed. In a statement, NLC National President Joe Ajaero criticized the lack of discernible reasons for the ongoing suffering and challenged the government’s anti-corruption agenda.
The NLC called for immediate and decisive action to alleviate the cash crunch, urging the government to explore measures to inject liquidity into the economy and ensure sufficient cash flow to meet the demands of businesses and individuals. The union also called for improved banking services and clear communication from the Central Bank of Nigeria (CBN) to reassure citizens about the stability of the financial system.
Lingering challenge
As the cash scarcity in Nigeria persists, several ATMs in Abuja, including those of major banks like GTBank, First Bank, Zenith, and United Bank of Africa, are reportedly not dispensing cash. Customers complain about low withdrawal amounts, and some banks attribute it to meeting demand. PoS operators are also facing challenges due to insufficient cash in banks. A bank official blames the scarcity on hoarding by some Nigerians, while the Central Bank of Nigeria (CBN) insists that it has distributed sufficient cash to its branches for onward distribution to Deposit Money Banks.
The Nigeria Labour Congress (NLC) has expressed serious concerns about the ongoing cash scarcity in the country and warned of a possible mass public protest if the situation is not addressed. The NLC criticized the government and the Central Bank of Nigeria (CBN) for the shortage, stating that it had serious implications for citizens, especially during the Christmas season. Bank customers have been facing difficulties accessing cash, and ATMs are reportedly not dispensing money as expected. The NLC urged the government to take immediate action to alleviate the cash crunch and ensure that there is sufficient cash flow in the economy.
“It is unfortunate that there is a shortage of money in the system. The Central Bank of Nigeria should take more effective measures to address the root causes of the naira scarcity before the situation exacerbates the existing challenges in the country.”
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