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Published On: Mon, Dec 7th, 2020

Labour drums support for CBN over naira value

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From: Femi Oyelola, Kaduna

The Organized labour has commended the recent measures of Central Bank of Nigeria (CBN) aimed at shoring up the value of the Naira.
The Labour party Gubernatorial candidate in the 2019 election in Kwara state Comrade Issa Aremu made the commendation at the one- day interactive session with stakeholders on the five year policy trust of the apex Bank.
Aremu said Naira recently reversed its depreciation trend in the parallel market, recording N20 gain against the United States Dollar closing at N470 per dollar due to what observers attributed to the new rules introduced by the CBN, which allowed beneficiaries of diaspora remittances and foreign exchange transfers into domiciliary account, and collect the proceed in foreign currency cash.
Aremu who is the vice-president of the Industrial Global Union, former vice-president of the Nigeria Labour Congress (NLC) and General Secretary, Textile Workers Union, hailed the CBN’s Monetary Policy Committee ( MPC) for resisting the pressures to bench mark the real value of Naira with what he called “speculative parallel market rates.”

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