The Nigeria Labour Congress (NLC) expressed concerns about the severe impact of the forex crisis on the economy and called for immediate measures to stabilize the national currency, the naira.
In a statement released on Sunday, NLC President Joe Ajaero attributed the depreciation of the naira to government officials’ preference for foreign luxury products. He warned that the economy could face dire consequences if the naira continues to decline against the U.S. dollar.
The NLC’s warning comes ahead of a scheduled meeting between organized labor and the Federal Government to review the implementation of the Memorandum of Understanding on subsidy removal palliatives.
The naira has experienced a significant depreciation in the parallel market, trading at over N1,000 to the U.S. dollar, while the investor and exporter window has remained relatively stable at around N770 to N780 per dollar.
The NLC recommended various actions for the Federal Government to rescue the naira, including the purchase of locally manufactured goods and discouraging public officials from buying foreign products.
The NLC emphasized that supporting locally made products would stimulate the domestic economy, create jobs, and reduce the pressure on the naira, which has been adversely affected by rising demand for foreign exchange.
The NLC has vowed to take appropriate steps if the government fails to address the forex crisis urgently.