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NLC expresses satisfaction as naira crunch eases

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The Nigeria Labour Congress (NLC) has expressed satisfaction with efforts geared towards increasing cash flow around the country, following the nationwide scarcity occasioned by the naira redesign and cash swap policy of the Central Bank of Nigeria (CBN).

Speaking on Friday, the NLC President, Joe Ajaero said “As far as our members are concerned nationwide, they are satisfied with minimum doubt which we want to clear within the next two weeks. 

“[All the] banks are not [performing] the same; some of the banks are doing relatively better than others. So, we want to monitor the activities of some banks who I may not want to mention here, so that I don’t demarket them.”

The CBN had last week directed all commercial banks to open for operation on Saturdays and Sundays, adding that banknotes had been evacuated from its vaults to commercial banks across the country.

According to the apex bank, the directive was part of a coordinated effort to ease the circulation of banknotes of various denominations with a substantial amount of money, in various denominations, having been received by the commercial banks for onward circulation to their respective customers.

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