Monday 29 June 2015

Nigeria Labour Congress (NLC) kicks against proposal for Naira devaluation

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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