TUC Demands Stronger Naira to Lower Fuel Prices
The Trade Union Congress (TUC), under the leadership of President Festus Osifo, has called on the Nigerian government to implement measures to strengthen the naira, proposing a target exchange rate of between N700 and N800 to the dollar. Osifo made this demand during a meeting of the union’s National Administrative Council in Abuja.
He emphasized that the current official exchange rate, slightly above N1,300 to the USD, is undervalued and contributes significantly to high fuel prices and the overall cost of living. Osifo acknowledged the efforts of Central Bank of Nigeria Governor Olayemi Cardoso in stabilizing the naira but insisted that more needs to be done.
He stated that a stronger naira would positively impact the prices of petroleum products, food, and other essential commodities. The TUC's position reflects ongoing concerns about the economic pressures faced by workers and households in Nigeria.
Plus234Feed summary based on reporting from Politics Nigeria. Read the original report below.
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