By The Editor
The Trade Union Congress (TUC) has called on the Federal Government to take further measures to strengthen the naira, saying a stronger currency could help reduce petrol prices and ease the broader cost-of-living pressures confronting Nigerians.
TUC President, Comrade Festus Osifo, made the call on Wednesday in Abuja after a meeting of the union’s National Administrative Council (NAC). He identified the exchange rate as a major factor influencing the prices of petroleum products, food, fertiliser, equipment and other essential commodities.
Osifo urged the government to pursue policies capable of moving the naira to between N700 and N800 to the US dollar, arguing that the currency remains undervalued despite recent improvements in the foreign exchange market. He noted that the official exchange rate was slightly above N1,300 to the dollar, which, in TUC’s assessment, was still weaker than the currency’s potential value.
According to the TUC president, a stronger naira would have a wider impact on the economy by reducing the naira cost of dollar-linked inputs, including petroleum products, food and industrial equipment. He maintained that strengthening the currency could therefore help bring relief to workers and households already facing elevated living costs.
Osifo commended the Central Bank of Nigeria Governor, Olayemi Cardoso, for measures aimed at improving macroeconomic stability, but urged the government to do more to translate improvements in inflation and foreign-exchange stability into tangible relief for Nigerians.
The TUC also called for increased funding for security operations, saying insecurity was keeping farmers away from their farms, discouraging investment and undermining food production. Osifo stressed that stronger security and a more stable naira were both necessary to improve economic conditions and protect workers’ living standards.
