TUC threatens legal action against Nigerian govt over naira scarcity

The Trade Union Congress (TUC) has threatened to take legal action against the Federal Government following the chaos resulting from the Central Bank of Nigeria’s (CBN) Naira redesign policy.

Nigerians have been unable to access their money at the Deposit Money Banks (DMB) due to insufficient Naira notes. This has resulted in some Nigerians attacking banks to demand their funds.

Both the central bank and the commercial banks have been singing different tones, with the former stating that it has provided necessary cash, but the latter said CBN hasn’t been consistent in its supply.

Addressing the situation on Thursday during a press conference in Abuja, the National President of TUC, Festus Osifo, said Nigerians have been betrayed by the banking system.

Osifo disclosed that constitutional and legal ways will be taken if the government doesn’t resolve the challenges faced by Nigerians.

“The problem, as you know, is that Nigerians have been betrayed by the banking system which has been unable to pay them their money on demand.

“They have also been failed by the Federal Government which unilaterally decided to change the three highest denominations of the currency, fixed dates for the change, and is utterly incapable either to deliver on its promises or protect the populace from financial strangulation,” Osifo said.

He also berated the government for the prolonged queues at the filling stations, stating that it can no longer be tolerated.

“The lengthy explanations on why there are long queues at fuel stations and prices of PMS being far above the official price can no longer be tolerated.

“All we demand is that petrol returns to fuel stations and is available at the official price across the country. As we have often stated, the answer to the fuel shortage question, is the local refining of our petroleum product needs.

“Local refining would add value to our crude oil, provide local jobs and not only save us foreign exchange but would enable us earn far more income,” the trade union boss explained.