Widespread protests and riots have erupted in some states over the scarcity of new Naira notes.
The protests and riots follow frustrations of citizens after banks started rejecting the old naira notes of N200, N500, and N1000 despite Supreme Court ruling to the contrary.
The wide scale protests erupted in Edo, Delta, Rivers, Kwara, Ondo, and Oyo on Wednesday, February 15.
Tobechukwu Nebeolisa, a protester in Benin city, who said that the new naira notes scarcity affected his travel plans as motorists in parks are no longer accepting old notes or bank transfers.
“This whole new naira redesign is crazy. I’ve not been able to use my bank app or USSD to make transactions either so the only option left is to go to the bank,” Nebeolisa said.
“Meanwhile, the only cash they were letting people withdraw was N5000. Yesterday, they made it N3000. I went to the bank today and they told me there’s no money, can you imagine?
“I just left the bank. I was so angry and I got ‘crazy’. I told them I wasn’t leaving till I got transport to leave then the manager came out and gave me N500.”
In Port Harcourt, River’s capital, Samuel Emmanuel, a resident of the state, said the cash crunch had affected him and his family, adding that he had to rely on mechanics and point of sale (PoS) operators to exchange old notes.
“Right now there’s traffic around Irunmole, the situation is not funny at all,” Emmanuel told TheCable.
Ifeanyi Okowa, governor of Delta and vice-presidential candidate of the Peoples Democratic Party (PDP), described the burning of an ATM gallery in his state as “deeply concerning”.
“The news of the bank’s ATM gallery being set ablaze during a protest in Orhuwhorun Community, Udu Local Government Area is deeply concerning,” he said.
“While I understand the difficulties many of you are going through, I implore all citizens to remain peaceful during these trying times.
“We are fully aware of your concerns and the difficulties you face, but we strongly advise against resorting to violence, such as burning down banks that employ our people. Such actions will only exacerbate the problem and could have far-reaching consequences for our nation.”
Anger and frustration over the scarcity of naira have been building since the beginning of February when residents of Oyo state mounted roadblocks and set up bonfires to protest the situation as well as the scarcity of petrol.
Protest: Traders urge govt to prevail on banks to collect old naira notes
Traders across major markets in Ibadan,Oyo State, on Wednesday staged a protest, calling on both the Federal and State Governments to prevail on commercial banks in the state to collect old naira notes from them.
The News Agency of Nigeria (NAN) reports that traders from Bode, Molete, Oja-Oba, Oje Markets, among others, in their hundreds, trooped to the major roads in the city, chanting unpleasant songs against the new naira policy.
The protesters, carrying leaves, symbolising the peaceful nature of the protest, trekked to the frontage of the state Secretariat at Agodi, demanding to see Gov. Seyi Makinde.
A protester, Mrs Monsurat Dekunle, narrating her ordeals, said she went to her bank on Tuesday afternoon to deposit N250,000 old notes, but the bank refused to allow her make the deposit.
According to Dekunle, the cashier told her that what she brought had ceased to be legal tender since Feb. 10.
She called on the state governor to intervene by prevailing on all commercial banks operating in the state not to reject the old naira notes.
Also, Mr Awojobi Eniola, said he went to one of the commercial banks to pay for his goods with N300,000 cash over the counter, but the cashier told him that the bank had been instructed not to collect the old naira notes.
Eniola urged the management of the Central Bank of Nigeria (CBN) and the relevant authorities to have a rethink on such instruction to avoid anarchy in the country.
NAN reports that Mr Moses Adeyanju, the Senior Special Assistant to the Governor on Better Education Service Delivery for All (BESDA), addressed the protesters on behalf of the state government.
Adeyanju pleaded with the protesters to remain calm.
He promised to deliver their messages and demands to the governor, whom he said was “currently on the field of campaign in Oke-Ogun zone”.
SANWO-OLU WARNS AGAINST REJECTION OF OLD NOTES
The Lagos State Government wishes to put on record the patience and calmness of Lagosians following the controversy generated by the Naira shortage crisis.
The State Government has joined the dispute at the Supreme Court, which today adjourned the hearing of the matter till February 22. When the matter first came up on February 8, the apex court said the old notes remained legal tender.
That position has not changed. The State Government hereby warns those rejecting the old notes to desist from doing so or face prosecution. It is against the law to reject the old notes as doing so is contrary to the position of the Supreme Court.
Governor Sanwo-Olu urges Lagosians to remain law-abiding and shun mischief makers who may exploit this temporary situation to promote their anti-people agenda. He is confident that the Judiciary will resolve all the issues around the currency shortage crisis.
To cushion the effect of the Central Bank of Nigeria (CBN) directive on the old notes, especially on the vulnerable among us, Lagos State has started the distribution of the food packs promised by the Governor. The 50% fares slash on all state transportation facilities continues, as directed by Mr Governor.
