NLC, TUC, and NECA Raise Concerns Over Naira’s Free Fall

The Nigeria Labour Congress (NLC), the Trade Union Congress of Nigeria (TUC), and the Nigeria Employers’ Consultative Association (NECA) have sounded the alarm regarding the continued depreciation of the Nigerian Naira. They are urging the Federal Government to take swift action to stabilize the national currency.

The NLC, in particular, has cautioned that if substantial interventions are not undertaken promptly, they might be compelled to take appropriate steps to push relevant authorities to prioritize rescuing the Naira, the economy, and the entire nation.

This alarming depreciation of the Naira has raised concerns among these major labor and business organizations, and each has expressed the effects on their respective sectors:

– The NLC emphasized the detrimental impact on workers through rising inflation.

– The TUC criticized the influence of international organizations like the IMF and World Bank on the economy, and the decision to lift bans on certain restricted items from accessing foreign exchange.

– NECA underscored the challenge this currency depreciation poses to businesses, increasing the cost of doing business, especially for those reliant on foreign inputs and machinery.

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While there is a call for the government to strengthen local industries and promote economic recovery, this situation emphasizes the need to reduce import dependency, increase domestic production, and address FX liquidity challenges. The business community also expects the government to fulfill various interventions promised to organized businesses. The market dynamics of supply and demand are now determining the Naira’s value, making it essential for both public officials and private entities to adapt to this evolving economic environment. The market may eventually stabilize after correction and adjustments.

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