In a statement issued on Tuesday, the Nigeria Labour Congress (NLC) voiced its deep concerns regarding the prolonged shortage of cash in the country, just five days before Christmas.

The National President, Joe Ajaero, emphasized the severe implications this situation holds for citizens, insisting on immediate measures to rectify the issue.

Despite assurances from the Central Bank of Nigeria, bank customers continue to face difficulties accessing cash for their daily needs.

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Over-the-counter cash rationing persists, and a significant number of ATMs are not dispensing cash, causing frustration among the public.

Expressing worry, Ajaero warned both the Federal Government and the Central Bank of Nigeria of an impending mass public protest if prompt action is not taken to address the shortage of the naira.

Ajaero recalled the hardships experienced earlier in the year due to a cash crunch resulting from the currency redesign policy.

He questioned the lack of discernible reasons for the current cash shortage, dismissing explanations such as the increase in fake notes and naira hoarding as unacceptable.

Ajaero asserted that ordinary Nigerians are not responsible for hoarding money in their homes.

He criticized the government’s anti-corruption agenda, pointing out that if the Central Bank suggests that ill-gotten wealth is being hidden to avoid detection, it reflects poorly on the government’s efforts in combating corruption.

The NLC raised concerns about the impact of the cash scarcity on the public’s confidence in banks and urged the government to address the situation promptly.

Ajaero criticized the additional burden on citizens, such as high charges imposed by Point of Sale (PoS) operators, reducing the value of poor Nigerians’ income.

In light of the approaching festive season, the NLC stressed the need for the government to take decisive action to alleviate the cash crunch and ensure citizens can enjoy the holidays without financial strain.

The NLC called for increased liquidity in the economy and transparent communication from the Central Bank regarding steps taken to address the crisis.

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Meanwhile, investigations by reporters revealed that several banks, including GTBank, First Bank, Zenith, and United Bank of Africa, were unable to meet the cash needs of customers.

Complaints about low withdrawal limits and non-dispensing ATMs were reported, with some attributing the scarcity to hoarding by individuals.

The Central Bank, however, maintains that it has adequate cash to meet daily transaction needs, attributing the current situation to challenges experienced during the naira redesign project.