Naira: Protesters burn three banks in Sagamu, Ogun State

Some people protesting the current scarcity of new naira notes on Monday set three commercial banks ablaze in Sagamu, Ogun State.
They also torched some residential buildings during the protest against the Central Bank of Nigeria’s naira redesign programme.

Pictures and videos shared on social media showed burning buildings and bonfire on the road.
The videos also showed stranded commuters as the protesters blocked the Akarigbo-Sabo Road and burnt tyres.

Saharareporters, an online newspaper, reported some of the residents as blaming the governor of the state, Dapo Abiodun, for the unrest.

Last week, Governor Abiodun insisted that the old N500 and N1000 notes would remain legal tender in the state, threatening to sanction commercial banks and business outlets rejecting the old notes.

“The governor caused this, with his inciting statement against the bank.

“The people I pity most are Sagamu people, because how many banks dey the whole of Sagamu before. They will now come to lagos to withdraw. Na them go suffer. Banks are insured. Let them keep destroying banks,” a Twitter user said.

Last year, the Central Bank of Nigeria announced that it would redesign N200, N500 and N1000 banknotes, saying old notes should be swapped for new ones by January 31.

Following several appeals made by Nigerians, the deadline was moved to February 10. However, a Supreme Court ruling suspended the February 10 deadline.

A week after the Supreme Court ordered the Nigerian government to allow the continued use of old N200, N500 and N1,000 notes, President Muhammadu Buhari countered that order.

In his national broadcast last Thursday, Buhari announced that the old N500 and N1000 notes had ceased to be legal tender but extended the deadline for N200 notes to April 10.

But some states including Kaduna, Ogun, and Kano announced that the old notes would still be considered legal tender in their domain, based on the Supreme Court ruling. The state governments also threatened to sanction any bank that rejects the old notes until the apex court says otherwise.