The Nigeria Labour Congress has kicked against the adviceby the Managing Director of First Bank of Nigeria Plc, Mr. Bisi Onasanya for another series of devaluation of the nation’s currency.
Factional deputy president of the Nigeria Labour Congress (NLC), Mr. Issa Aremu, in a in Lagos on Sunday, Mr. said the call for the currency devaluation was against the interest of the masses as it would likely impoverish the people.
He cautioned the MD of First Bank Plc against delving into areas outside his purview, asking thebank chief to desist from usurping the powers of the central bank governor.
Aremu pointed out that the present currency devaluation has eroded the wage income of millions of Nigerian workers as well as increased domestic production costs.He, however, urged the apex bank to reject any suggestion for further devaluation of the Naira.
He was however of the opinion that fuel subsidy should be removed completely and that the government should restructure the oil industry by passing the Petrol Industry Bill (PIB).
