TUC Identifies Naira Devaluation as Primary Challenge Facing Nigeria, Calls for Policy Reforms

The Trade Union Congress of Nigeria (TUC) has pinpointed the uncontrolled devaluation of the naira as the central issue plaguing the nation, citing its heavy reliance on imports as a major concern.

Speaking at a press conference in Abuja, TUC President Festus Osifo underscored the significant devaluation of the naira, which has plummeted by over 250% from N460 to N1600 since May 2023.

Osifo emphasized the urgent need for financial authorities to ascertain the true value of the naira to stabilize exchange rates against the dollar, proposing a realistic range between N580 to N650.

He urged the Central Bank of Nigeria (CBN) to implement measures to manage the exchange rate, including directing banks to reject dollar bids exceeding the suggested threshold.

Additionally, TUC recommended adopting a Custom Exchange Rate for Goods used in Manufacturing to support local industries and agricultural sectors.

Osifo highlighted various other concerns, including the dollarization of political processes, food scarcity, and speculative trading in the foreign exchange market, urging prompt government action to address these pressing issues.

Quest: Cris-Edesiri Odjomah

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