The Nigeria Labour Congress has called for an urgent stabilisation of the Naira.
It noted that the country was at risk of a “wave of devastating consequences” on its economy should the free fall of the Naira against the dollar remain unchecked.
The National President of the NLC, Joe Ajaero, in a statement on Sunday, in Abuja recommended various ways in which the President Bola Tinubu-led Federal Government can “rescue” the Naira.
The NLC urged the government to deliberately “protect” the naira by purchasing locally manufactured goods such as public vehicles for government officials.
It also urged public officials to remain patriotic and refrain from the purchase of foreign products.
The statement read in part, “The Nigeria Labour Congress hereby calls upon the custodians of our economy to recognise the gravity of the situation and take immediate and decisive action to halt this uncontrolled depreciation of the Naira.
“We implore the monetary authorities to implement effective measures to safeguard the Naira, stabilise the economy, and secure the future of our beloved nation.
“All nations of the world take pride in protecting their domestic currencies from all manners of threats but the reverse seems to be the case in Nigeria. Why a country with a high import coefficient and less than one elasticity of exports would allow its local currency to be at the mercy of the vagaries of the so-called market forces leaves us surprised and deeply worried.”
