Trade Union Congress Urges FG to Strengthen Naira to N800/$1 to Lower Fuel Prices
The Trade Union Congress (TUC) is calling on the federal government to stabilize the Naira, advocating for an exchange rate between N700 and N800 to the US Dollar, arguing it's key to reducing the cost of goods, includi…
The Trade Union Congress (TUC) is calling on the federal government to stabilize the Naira, advocating for an exchange rate between N700 and N800 to the US Dollar, arguing it's key to reducing the cost of goods, includi…
· Updated
The President of the Trade Union Congress (TUC), Comrade Festus Osifo, has urged the federal government to work towards strengthening the Naira to an exchange rate of N700 to N800 against the US Dollar. Osifo stated that the current high exchange rate is a primary driver of the increasing cost of goods and services, particularly the price of petrol.
Speaking after a National Administrative Council (NAC) meeting in Abuja, Osifo acknowledged that while some macroeconomic indicators are improving, the government needs to focus more on microeconomic stability. He highlighted that the exchange rate has been a central issue for the TUC, noting that the current official rate of over N1,300 to the Dollar is still considered undervalued.
Osifo commended the Central Bank of Nigeria governor for his efforts but stressed that more can be done to achieve a more appropriate valuation for the Naira. He cited international economic commentators and scholars who believe the Naira is currently trading below its potential strength.
Beyond economic concerns, the TUC president also called on the federal government to decisively address the pervasive insecurity across the country. He urged the provision of necessary funds and equipment to security agencies to combat terrorism and banditry, emphasizing that economic progress is impossible without national stability.
The TUC also addressed labor issues, expecting minimum wage talks to commence by February and urging for interim wage and allowance negotiations. The union expressed support for federal workers' warning strike and plans to address health sector workers' demands.
FAQ
What exchange rate does the TUC want the federal government to achieve?
The TUC is urging the federal government to strengthen the Naira to an exchange rate between N700 and N800 to one US Dollar.
What other issues did the TUC raise?
The TUC also called for decisive action on national insecurity, the commencement of minimum wage talks, and addressed labor disputes in the health sector.