Tension as Banks Are Burned by Protesters in Ogun, Southwest Nigeria About Naira Scarcity

Nonetheless, several locals ascribed the turmoil to the state’s governor, Dapo Abiodun.

On Monday, a violent protest broke out in the town of Sagamu, approximately 50 kilometers from the capital of Ogun State, Abeokuta, adding to the shortage of the new naira notes.

Three commercial banks were reportedly attacked by some demonstrators who were reportedly hoodlums on Monday morning during a demonstration against the Central Bank of Nigeria’s naira redesign scheme.

Social media users posted images and videos of the demonstrators setting tires and other objects on fire. Photos also show burning structures, stranded passengers, and burning tires as the demonstrators stopped the Akarigbo-Sabo Road.

Nonetheless, several locals ascribed the turmoil to the state’s governor, Dapo Abiodun.

Insisting last week that the old N500 and N1000 notes will continue to be accepted in the state, Governor Abiodun threatened to punish commercial banks and other establishments that refused to accept the old notes.

“The governor started this by making inflammatory remarks about the bank.

“I feel the worst for the Sagamu people because so many banks had previously denied access to the entire Sagamu. To withdraw, they will now travel to Lagos. They’ll suffer, na. Insurance covers banks. Let them continue destroying banks, someone tweeted.

The Central Bank of Nigeria said in January of last year that it will redesign the N200, N500, and N1000 banknotes, and that the existing notes should be exchanged for the new ones by that date.

The deadline was pushed back until February 10 in response to numerous Nigerian petitions. The deadline of February 10 was postponed, though, by a Supreme Court decision.

President Muhammadu Buhari disregarded the Supreme Court’s ruling to continue using the outdated N200, N500, and N1,000 notes a week after it was issued.

Buhari declared the demise of the old N500 and N1000 notes in his national address on last Thursday, but he also extended the deadline for the N200 note to April 10.

However, based on the Supreme Court’s decision, some states, notably Kaduna, Ogun, and Kano, declared that the old notes will continue be accepted as legal cash in their jurisdictions. Until the supreme court rules differently, the state governments also threatened to penalize any bank that refused to accept the old notes.

“The governor started this by making inflammatory remarks about the bank.

“I feel the worst for the Sagamu people because so many banks had previously denied access to the entire Sagamu. To withdraw, they will now travel to Lagos. They’ll suffer, na. Insurance covers banks. Let them continue destroying banks, someone tweeted.

The Central Bank of Nigeria said in January of last year that it will redesign the N200, N500, and N1000 banknotes, and that the existing notes should be exchanged for the new ones by that date.

The deadline was pushed back until February 10 in response to numerous Nigerian petitions. The deadline of February 10 was postponed, though, by a Supreme Court decision.

President Muhammadu Buhari disregarded the Supreme Court’s ruling to continue using the outdated N200, N500, and N1,000 notes a week after it was issued.

Buhari declared the demise of the old N500 and N1000 notes in his national address on last Thursday, but he also extended the deadline for the N200 note to April 10.

However, based on the Supreme Court’s decision, some states, notably Kaduna, Ogun, and Kano, declared that the old notes will continue be accepted as legal cash in their jurisdictions. Until the supreme court rules differently, the state governments also threatened to penalize any bank that refused to accept the old notes.