By: Goodluck E.Adubazi, Abuja.

The Trade Union Congress of Nigeria (TUC) has urged the Central Bank of Nigeria (CBN) to intensify efforts to strengthen the naira, insisting that the currency could appreciate to between N600 and N700 to the US dollar if the right economic measures are implemented.

TUC President, Comrade Festus Osifo, stated this on Wednesday in Abuja at a press conference held at the Transcorp Hilton Hotel, where he also commended CBN Governor Olayemi Cardoso for what he described as progress in stabilising the nation’s macroeconomic environment.

Osifo said although the official exchange rate had declined to slightly above N1,300 to the dollar, the naira remained undervalued and the government could do more to restore its value.

According to him, the naira should ideally trade between N600 and N800 to the dollar, arguing that a stronger currency would significantly reduce the cost of petroleum products, food, fertiliser, equipment and other goods with substantial dollar components.

“We commend the CBN governor for the great work that he is doing at the Central Bank. But we can still do much more because we still believe that N1,300 to $1 is still undervalued,” Osifo said.

He explained that the devaluation of the naira had affected workers disproportionately, noting that while the dollar component of major government contracts, including roads, bridges, buildings and medical equipment, had increased substantially, workers’ wages had not risen at the same rate.

Osifo said a stronger naira would translate into lower fuel and production costs, adding that if the currency appreciated to about N700-N800 to the dollar, petrol and diesel prices could fall considerably, depending on global crude oil prices.

He said the exchange rate remained central to the cost of living crisis, stressing that the government must pursue policies capable of strengthening the currency and reducing inflationary pressures.

The TUC president also commended the government for what he described as improving macroeconomic conditions, particularly the recent moderation in inflation and relative stability in the foreign exchange market.

Speaking on the 2027 general elections, Osifo urged the Independent National Electoral Commission (INEC) to ensure that the electoral process is transparent, inclusive and free from manipulation.

He warned against the influence of moneybags, political godfathers and powerful individuals in determining election outcomes, saying only leaders genuinely elected by Nigerians would be accountable to the people.

“We want INEC to ensure that the rule of engagement is clear, transparent and open to all, because we want people to be truly elected by the people,” he said.

Osifo maintained that credible elections were essential to ensuring accountability and delivering the dividends of democracy to Nigerians.

On insecurity, the TUC president called on the Federal Government to substantially increase funding for national security and equip security agencies with the necessary tools to tackle terrorism, kidnapping and other forms of criminality.

He said insecurity remained a major obstacle to investment, agriculture and economic development, noting that many farmers in affected communities had been unable to return to their farms because of fear of attacks.

Osifo commended the Director-General of the Department of State Services (DSS) and the National Security Adviser for their efforts in combating insecurity, but urged the government to intensify the fight.

He said the protection of lives and property must remain the government’s foremost responsibility before infrastructure and other development projects.

The TUC also condemned the death of about 37 minors in the custody of the Nigeria Security and Civil Defence Corps in Niger State, describing the incident as unacceptable.

Osifo welcomed the government’s decision to establish a committee to investigate the incident but warned against allowing its report to gather dust.

He demanded decisive action against anyone found culpable, regardless of status.

“When the committee submits their report, we want government to act and act decisively. Whoever is culpable, no matter how highly placed, must be decisively dealt with according to the letters and spirit of the law,” he said.

The union also commiserated with the families of military personnel who recently lost their lives in an aircraft crash and called for continued attention to the safety and welfare of security personnel.

Osifo further expressed concern that agreements contained in a communique reached following an earlier health-sector dispute had yet to be implemented.

He called on the Minister of Health and relevant authorities to urgently address the outstanding issues, warning that the two labour centres could intervene if the matters were not resolved within the stipulated period.

He said the TUC would formally write the Minister of Health to draw attention to the outstanding provisions of the agreement.

The TUC also called on the Federal, state and local governments to urgently revive Nigeria’s textile industry, citing high energy costs, production expenses and widespread job losses.

Osifo said the sector, which previously employed millions of Nigerians, should not be allowed to collapse, stressing that its revival would create jobs and stimulate economic growth.

He also called for a fair resolution of disputes involving the Association of Senior Civil Servants of Nigeria and issues surrounding King’s College, saying the union had submitted its recommendations to a committee established to resolve the matter.

Osifo said the TUC remained committed to dialogue and peaceful engagement but would not hesitate to take decisive action where government and relevant authorities failed to implement agreed resolutions.