Dipo Olowookere
By Dipo Olowookere
A violent protest has erupted in the Sagamu town of Ogun State, with two commercial banks burnt over the scarcity of Naira.
According to reports, the incident occurred on Monday morning, but at the time of filing this report, security officials have been drafted to quell the riot.
It was gathered that the two financial institutions destroyed by the angry demonstrators were Union Bank of Nigeria and Keystone Bank.
The Central Bank of Nigeria (CBN), with the approval of President Muhammadu Buhari, redesigned the N200, N500, and N1,000 banknotes.
Citizens were given till February 10, 2023, to swap their old notes for new notes, but some state governments went to the Supreme Court to stop this deadline and were granted an interim injunction.
The matter will come up this Wednesday at the apex court.
However, Mr Buhari, in a broadcast last Thursday, said the old N500 and N1,000 banknotes were no longer legal tenders in Nigeria and asked the CBN to recirculate the old N200 to ease the hardship faced by Nigerians in accessing cash.
The Governors of Kaduna and Ogun States dared the President and maintained that the old notes remain legal tender in their respective states, threatening to deal with anyone who goes against them.
