NLC demands for urgent stabilization of Naira

The Nigeria Labour Congress (NLC) has lamented the devastating impact of the forex crisis on the economy, calling on the federal government to urgently take steps to stabilize the naira.

The NLC in a statement issued by its President, Joe Ajaero, warned that the country’s economy was at risk of “a wave of devastating consequences” if the naira failed to stabilize against the American dollar.

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.

It would be recalled that the naira has been a bit stable at the investor & exporter window at around N770 to 780/$, the parallel market, traded at over N1,000/$.

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To stem the continuous slide, Ajaero,in the statement, said public officials must stop their penchant for foreign goods to check the depreciation of the naira.

The local currency opened at N1115 per $1 at the parallel market otherwise known as the black market on Monday, 30 October 2023, in Lagos Nigeria, after it closed at N1113 per $1 on Sunday, 29 October 2023.

On the official NAFEX market, where the exchange rate is officially determined, the naira-to-dollar rate dropped to N837.49, down from N801.1 just a day earlier.

This rate marks the fourth-lowest level since the unification of the exchange rate windows. Intra-day highs and lows were recorded at N891/$1 and N701/$1 respectively, with a total turnover of $113.2 million— the highest in approximately six trading days.

Concurrently, Nigerian equities experienced a 0.18% decline, registering back-to-back losses as stockbrokers evaluated third-quarter earnings results from various companies.