The
factional Deputy President of the Nigeria Labour Congress (NLC), Mr
Issa Aremu, has kicked against the call by the Managing Director of
First Bank of Nigeria PLC, Mr Bisi Onasanya for the devaluation of the
Naira.
The labour leader also called on the President
Muhammadu Buhari administration to remove subsidy on petroleum products
and fix all the existing refineries, pass the Petroleum Industry Bill
and reorganize the Nigerian National Petroleum Corporation (NNPC) for
optimal production.
In a statement he issued to
newsmen on Sunday, the NLC factional Deputy President described the
call for the Naira devaluation as anti masses and aimed at further
impoverishing Nigerians.
While cautioning the First Bank
Managing Director from trying to usurp the responsibilities of the
Central Bank of Nigeria (CBN), Aremu commended the CBN Governor, Mr
Godwin Emefiele, for managing the scarce foreign reserve through
foreign-exchange restrictions on some frivolous imports.
He, however, urged the apex bank to reject any suggestion for further devaluation of the Naira.
According
to him, the existing currency devaluation has further eroded wage
income of millions of Nigerian workers and also increased the cost of
domestic production, fuelled price inflation and undermined the
competitiveness of locally surviving industries which has resulted to
loss of existing few jobs.
Credit: Channels
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