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Naira Scarcity: NLC Postpones Protest by Two Weeks

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The Nigeria Labour Congress (NLC) has threatened to carry out nationwide protest in two weeks if the Central Bank of Nigeria (CBN) fails to find permanent solution to cash scarcity.
President of NLC, Joe Ajaero, and his counterpart in the TUC, Festus Osifo, gave the warning at a joint press briefing which held at Labour House, at the end of their National Executive Council meeting, yesterday.
The congress had last week said that it would begin an indefinite strike and picket all branches of the Central Bank of Nigeria across the country.
But the apex bank governor, Godwin Emefiele, in an attempt to avert the impending crisis, called on the Minister of Labour and Employment, Chris Ngige, to prevail on the Labour leaders to sheathe their sword.
However, Ajaero said after receiving briefings from its state councils in the 36 states and the Federal Capital Territory, the NLC decided to defer the picketing directive issued to workers last week.
He said reports from its state councils showed that the cash scarcity was easing off.
The labour leader told reporters that the NLC would resume the planned protest if naira notes become unavailable to Nigerians by the end of the two weeks.
According to him, committees had been set up at both the national and state levels to monitor situations in banks and report to it at the end of the two-week ultimatum.
He said, “Yes, there has been compliance but the NLC after its NEC meeting doubted the sustainability of the compliance.
“We have to monitor this compliance for the next two weeks to see whether it is sustainable because they have rushed to move money to commercial banks and some of them are getting empty again. It will be very naive for the congress to hurriedly call off the action. Whereas we are not shutting down tomorrow.
“We will want to loosen up for another two weeks with committees set up at the national level and all the states of the federation to coordinate compliance. There are some banks that didn’t open on the weekend. We advise the CBN to play the role of the regulator. They can sanction banks that are not complying.
“The first and second day the CBN said the money they were pushing per week they were pushing it daily. I wouldn’t know if they are still pushing it daily. They have constrained the banking sector. Nigerians have suffered so much. Even those who have withdrawn N10,000 are afraid to bring it out in case the scarcity returns.
“The NLC and TUC have decided to allow tomorrow pass without any shutdown or picketing but to watch the next two weeks.
“After two weeks from today (Tuesday), the NEC of the two Labour centres will meet again and decide whether the CBN has actually complied and whether their compliance is sustainable to drive the economy.”
On his part, the President of TUC assured that Labour would continue to protect the interest of workers and Nigerians.
Osifo said the two Labour centres would sustain the push for banks to make naira notes available to Nigerians for another two weeks.
He said, “We have agreed that we need to sustain this push for another two weeks. Reports from various states showed that there has been some level of compliance but some banks didn’t open at the weekend.
“We call on the CBN to sustain this action because the quantum of money Nigerians need now is even higher if this panic had not come in because an average Nigerian will withdraw money and be spending it little by little.
“The confidence in the system has been eroded and because that confidence has been eroded the CBN needs to do more by pumping more money into the economy.”

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Tinubu Hails NGX N100trn Milestones, Urges Nigerians To Invest Locally

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President Bola Tinubu yesterday celebrated the Nigerian Exchange Group’s breakthrough into the N100tn market capitalisation threshold, saying Nigeria has moved from an ignored frontier market to a compelling investment destination.

Tinubu, in a statement signed by his Special Adviser on Information and Strategy, Bayo Onanuga, urged Nigerians to increase their investments in the domestic economy, expressing confidence that 2026 would deliver stronger returns as ongoing reforms take firmer root.

He noted that the NGX closed 2025 with a 51.19 per cent return, outperforming global indices such as the S&P 500 and FTSE 100, as well as several BRICS+ emerging markets, after recording 37.65 per cent in 2024.

“With the Nigerian Exchange crossing the historic N100tn market capitalisation mark, the country is witnessing the birth of a new economic reality and rejuvenation,” Tinubu said.

He attributed the stellar performance to Nigerian companies proving they can deliver strong investment returns across all sectors, from blue-chip industrials localising supply chains to banks demonstrating technological innovation.

The President added, “Year-to-date returns have significantly outpaced the S&P 500, the FTSE 100, and even many of our emerging-market peers in the BRICS+ group. Nigeria is no longer a frontier market to be ignored—it is now a compelling destination where value is being discovered.”

Tinubu disclosed that more indigenous energy firms, technology companies, telecoms operators and infrastructure firms are preparing to list on the exchange, a move he said would deepen market capitalisation and broaden economic participation.

He also cited what he described as a sustained decline in inflation over eight months—from 34.8 per cent in December 2024 to 14.45 per cent in November 2025—projecting that the rate would fall below 10 per cent before the end of 2026.

“Indeed, inflation is likely to fall below 10 per cent before the end of this year, leading to improved living standards and accelerated GDP growth. The year 2026 promises to be an epochal year for delivering prosperity to all Nigerians,” he said.

The President attributed the trend to monetary tightening, elimination of Ways and Means financing, and agricultural investments, which he said helped stabilise the naira and ease post-reform pressures.

Nigeria’s current account surplus reached $16bn in 2024, with the Central Bank projecting $18.81bn in 2026, reflecting a trade pattern shift toward exporting more and importing less locally-producible goods.

Non-oil exports jumped 48 per cent to N9.2tn by the third quarter of 2025, with African exports nearly doubling to N4.9tn. Manufacturing exports grew 67 per cent year-on-year in the second quarter.

Foreign reserves have crossed $45bn and are expected to breach $50 billion in the first quarter, giving the CBN ammunition to maintain currency stability and end the volatility that previously fuelled speculation, according to the President.

Tinubu also highlighted infrastructure expansion in rail networks, arterial roads, port revitalisation, and the Lagos-Calabar and Sokoto-Badagry superhighways, alongside improvements in healthcare facilities that are reducing medical tourism costs, and increased university research grants funded through the Nigeria Education Loan Fund.

“Our medicare facilities are improving, and medical tourism costs are declining. Our students benefit from the Nigeria Education Loan Fund, and universities are receiving increased research grants,” he said.

He described nation-building as a process requiring hard work, sacrifices, and citizen focus, pledging to continue working to build an egalitarian, transparent, and high-growth economy catalysed by historic tax and fiscal reforms that came into full implementation from January 1.

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RSG Kicks Off Armed Forces Remembrance Day ‘Morrow  …Restates Commitment Towards Veterans’ Welfare

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The Rivers State Government has reiterated its commitment towards the welfare of veterans, serving officers and widows of fallen officers in the State.

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?The Secretary to the Rivers State Government, Dr. Benibo Anabraba, in a statement by ?Head, Information and Public Relations Unit, SSG’s ?Office, ?Juliana Masi, stated this during the Central Planning meeting of the 2026 Armed Forces Remembrance Day in Port Harcourt, yesterday.

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?Anabraba thanked the Committee for their contributions to the success of the Emblem Appeal Fund Ceremony recently held in the State and called on them to double their efforts so that the State can record resounding success in the remaining activities.

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?According to him, the remembrance day events will begin with Jumaàt Prayers on Friday, 9th January at the Rivers State Central Mosque, Port Harcourt Township, while a Humanitarian Outreach/Family and Community Day will be hosted on Saturday, 10th January, by the wife of the governor, Lady Valerie Siminalayi Fubara, for widows and veterans.

?”On Sunday, 11th January, an Interdenominational Church Thanksgiving Service will hold at St. Cyprian Anglican Church, Port Harcourt Township while the Grand-finale Wreath- Laying Ceremony will hold on Thursday, 15th January at the Isaac Boro Park Cenotaph,  Port Harcourt”, he said.

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?The SSG noted that one of the highlights of the events is the laying of wreaths by Governor Siminalayi Fubara and Heads of the Security Agencies.

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Fubara Redeploys Green As Commissioner For Justice

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The Governor of Rivers State, Sir Siminalayi Fubara, has approved a minor cabinet reshuffle in the State Executive Council.

Under the new disposition, Barrister Christopher Green, who until now served as Commissioner for Sports, has been redeployed to the Ministry of Justice as the Honourable Attorney General and Commissioner for Justice.

This is contained in an official statement signed by Dr. Honour Sirawoo, Permanent Secretary, Ministry of Information and Communications.

According to the statement, Barrister Green will also continue to coordinate the activities of the Ministry of Sports pending the appointment of a substantive Commissioner to oversee the ministry.

The redeployment, which takes immediate effect, was approved at the last State Executive Council meeting for the year 2025, underscoring the Governor’s commitment to strengthening governance, ensuring continuity in service delivery, and optimising the performance of key ministries within the state.

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