The NLC President, Joe Ajaero, and his TUC counterpart, Festus Osifo, made the announcement during a joint press conference held at the Labour House after the National Executive Council meeting. Last week, congress had warned of an indefinite strike and picketing of all CBN branches nationwide.
However, the CBN governor, Godwin Emefiele, called on the Minister of Labour and Employment, Chris Ngige, to intervene and prevent the impending crisis.
Ajaero reported that 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. The labour leader added that reports from its state councils showed that the cash scarcity was easing off.
The NLC and TUC have set up committees at both the national and state levels to monitor situations in banks and report to them at the end of the two-week ultimatum. The labour leaders confirmed that they would resume the planned protest if naira notes become unavailable to Nigerians by the end of the two weeks.
Ajaero revealed that while there had been compliance with the directives, the NLC after its NEC meeting doubted the sustainability of the compliance. The NLC wants to monitor compliance for the next two weeks to determine if it is sustainable. Committees have been set up at the national level and in all states of the federation to coordinate compliance.
He added that the CBN should play the role of the regulator and sanction banks that do not comply. The CBN initially stated that the money they were pushing per week was being pushed daily. However, the constraints on the banking sector have led to Nigerians suffering.
Osifo stated that the two Labour centres would sustain the push for banks to make naira notes available to Nigerians for another two weeks. He called on the CBN to sustain the action because the quantum of money Nigerians need now is even higher, and the confidence in the system has been eroded.
The NLC and TUC have decided to let the following day pass without any shutdown or picketing but will continue to monitor the situation over the next two weeks. After two weeks, the NEC of the two Labour centres will meet again to decide if the CBN has complied and if its compliance is sustainable enough to drive the economy.
The Labour centres assure Nigerians that they will continue to protect their interests and those of workers in the country.