CBN urged to dialogue with NLC on naira scarcity to avoid picketing

Issa Aremu, the director-general of Michael Imoudu National Institute of Labour Studies (MINILS), Ilorin, has advised the Central Bank of Nigeria (CBN) to dialogue with the Nigeria Labour Congress (NLC) to avert picketing over cash scarcity.

Mr Aremu made the call on Thursday in Ilorin on the sidelines of the interfaith prayer organised to mark the 40th anniversary of the institute.

The MINILS boss said picketing of the apex bank by labour leaders is avoidable and preventable, advising CBN to address all concerns by NLC.

According to him, it is unprecedented that the labour union is threatening to picket the CBN. He said CBN should use every means to ensure monetary stability in the country.

Mr Aremu, a labour leader, noted that depositors had been subjected to a lot of hardship over the CBN financial policy and said CBN must be more transparent and engaging and look at the overall policies impact on the growth and development of the nation’s economy.

“It also requires mass sensitisation and awareness, and there is a limited time for implementation of the policy for Nigerians,” he said.

Mr Aremu lauded the CBN’s Anchor Borrowers Programme, which he said “provides loans (in kind and cash) to smallholder farmers, which had boosted agricultural production, especially rice.”


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