The Nigeria Labour Congress on Sunday lamented the devastating impact of the forex crisis on the economy and demanded urgent stabilisation of the naira.
The NLC President, Joe Ajaero, who said this in a statement on Sunday, blamed government officials’ love for foreign luxury products for the free fall of the national currency.
Ajaero warned that the economy was at risk of “a wave of devastating consequences” if the naira failed to stabilise against the American dollar.
The NLC president’s warning came ahead of the organised labour and the Federal Government’s meeting scheduled to hold today (Monday).
At the meeting, the Federal Government and the organised labour will review the implementation of the Memorandum of Understanding they signed on subsidy removal palliatives.
In a statement titled, “Urgent action to stabilise the naira amidst alarming depreciation,” the NLC president, said repercussions of the weakened currency would be felt by workers and the masses.
While the investor & exporter window has been relatively stable at around N770 to 780/$, the parallel market, where most individuals and businesses get their forex from, traded at over N1,000/$.