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.