The Nigeria Labour Congress (NLC) has urgently called for measures to stabilise the naira, emphasizing potential severe impacts on the Nigerian economy if the currency’s devaluation against the dollar continues unabated.
Amid the naira’s consistent decline, which many believe could drastically affect the country’s economic trajectory, Joe Ajaero, the National President of the NLC, shared the organisation’s apprehensions during an announcement in Abuja on Sunday.
Ajaero’s different measures for strengthening the naira
Ajaero provided various methods by which President Bola Tinubu’s administration might fortify the Naira. Key among the NLC’s suggestions is a strategic push for the government to conscientiously safeguard the naira by championing the acquisition of locally produced items, such as vehicles for governmental officials.
Furthermore, Ajaero emphasized the importance of patriotism among public officials, urging them to prioritize local goods over foreign products, which could further deplete the currency’s value.
Reiterating the urgency, the NLC highlighted the pressing need for economic stakeholders to recognize and address the Naira’s precarious state. They stressed the importance of the custodians of Nigeria’s economy taking resolute steps to halt the currency’s unchecked fall.
Moreover, the NLC appealed to monetary institutions to adopt effective strategies to shield the Naira, bring stability to the economy, and ensure the nation’s prosperous future.
Ajaero concluded his statement by reflecting on global practices, noting that while many countries pride themselves in defending their currencies from potential threats, Nigeria appears to be on a different trajectory. He expressed concerns over Nigeria’s approach, especially given its high import dependence and limited export elasticity.
As the call to action from the NLC resonates, all eyes are on the Federal Government and associated entities to see how they address the challenges facing the Naira.
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