Several states across Nigeria were rocked with protests on Wednesday over growing anger due to the cash crunch caused by the Central Bank of Nigeria’s naira redesign policy.
Protests spread across Edo, Delta, Oyo, Ondo, Benue, and Kwara.
Banks were torched and Automated Teller Machines destroyed by protesters. Three people were killed in Edo state with many others injured.
Touble started in Benin, the Edo State capital after the bank customers besieged the state branch of the CBN at 9, Akpapakva Road to lodge their old naira notes around 8 am, The Punch reported.
Nearly all the banks along Akpapakva Road including terling Bank, UBA, GTB, Access, Zenith, Stanbic IBTC and others destroying their ATMs and buildings with stones, according to the report.
In Delta State, youths protesting the rejection of the old naira notes in Warri, razed several vehicles parked in front of First Bank Plc, Access Bank and Union Bank branches located in the Orovwohworun area of the Udu. At least four vehicles were torched by the protesters in and around the Udu Express Junction and Ovwian area of Udu.
Also, a fuel station in the area was set on fire for rejecting the old notes.
Read also: How to deposit old naira notes, CBN opens portal
In Oyo, protesters barricaded major roads in the state capital Ibadan including Lagos-Ibadan Expressway, Iwo Road, Agodi Gate axis, Challenge, Olorunsogo, Academy, Orita Challenge, Beere, Total Garden areas.
Wema bank branch was attacked with several shops looted in the area.
In Ondo, protesters barricaded the Oba Adesida Road at the popular First Bank Roundabout Alagbaka area, chanting various solidarity songs and causing traffic logjam for hours.
In Kwara, protests started from the Oko-Olowo market axis and spread to Oloje, Alore, Omoda and Adangba, Gambari, Gama, Offa motor park, Kilanko, Geri Alimi, Yakuba and Kwara Polytechnic axis of the Ilorin metropolis.
President Muhammadu Buhari in a nation wide address on Thursday, 16th February, 2023, directed the Central Bank of Nigeria to release the old N200.00 back in circulation and that it should be allowed to circulate as legal tender with the new N200.00 for a period of 60 days from February 10, 2023 to April 10 2023 when the old N20 notes ceases to be legal tender.
Following this address, the old N500.00 and N1000.00 still remain as the CBN has designated them; none legal tenders in the country.
The President reiterated that in line with Section 20(3) of the CBN Act 2007, all existing old N1000 and N500 notes remain redeemable at the CBN and designated points.
The Supreme Court of Nigeria on Wednesday adjourned the suit challenging the naira swap policy of the Central Bank of Nigeria (CBN) till Wednesday, February 22 for hearing.
The suit was instituted by Kaduna, Zamfara and Kogi state governments. Other states, namely Niger, Kano, Ondo, Ekiti, had also applied to be joined in the suit.
On the other hand, Edo and Bayelsa state had filed to join the federal government as respondents in the suit.
The case was heard by the apex court on Wednesday, with the Kaduna, Zamfara and Kogi state governors present at the court.
At the last hearing, the Court had temporarily banned the implementation of the February 10 deadline of the CBN from making the old N200, N500 and N1,000 notes legal tender. However, the CBN had insisted on the February 10 deadline.
“The situation is substantially calming down since the commencement of over-the-counter payments to complement ATM disbursements and the use of super-agents. There is, therefore, no need to consider any shift from the deadline of February 10,” Emefiele said while briefing the diplomatic community at the Ministry of Foreign Affairs in Abuja on Tuesday.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
