By John Ughulu, Abuja
The Trade Union Congress (TUC) has renewed its call on President Bola Tinubu’s administration to take stronger measures to appreciate the naira, saying an exchange rate of between ₦700 and ₦800 to the US dollar could help reduce petrol prices and ease the cost-of-living burden on Nigerians.
TUC President, Comrade Festus Osifo, made the demand on Wednesday in Abuja after a meeting of the union’s National Administrative Council (NAC).
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Osifo said the exchange rate remained a major factor influencing the prices of petrol and other essential commodities, stressing that the government could do more to strengthen the domestic currency.
According to him, the official exchange rate, which he put at slightly above ₦1,300 to the dollar, still represented an undervalued naira.
“We cannot be tired talking about exchange rate because it is central to literally everything,” Osifo said.
He urged the Federal Government to pursue policies that would move the naira towards what he described as a more sustainable value.
Stronger Naira, Lower Fuel Costs
The TUC president said a stronger naira would have implications beyond the foreign exchange market, particularly for petroleum products, food, fertiliser, equipment and other commodities with significant foreign-exchange components.
He argued that improving the exchange rate could reduce production and distribution costs and ultimately ease pressure on consumers.
Osifo also commended Central Bank of Nigeria Governor, Olayemi Cardoso, for efforts aimed at stabilising the naira and improving macroeconomic conditions.
However, he maintained that more measures were required to translate recent improvements into tangible relief for Nigerian workers and households.
The TUC position comes amid continued concerns over petrol prices and the broader cost of living, with the labour centre insisting that macroeconomic improvements should be reflected in the daily lives of Nigerians.
TUC’s Exchange Rate Position
Osifo recalled that the union had previously raised the exchange rate as a central issue in its economic demands to the Federal Government.
He clarified that TUC was not advocating a return to an exchange rate that would artificially overvalue the naira, but wanted policies that would allow the currency to trade at what the union considers a stronger and sustainable level.
The labour centre’s latest demand therefore places exchange-rate management at the centre of its broader campaign for lower living costs and improved workers’ welfare.
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