According to a recent report by the National Bank of Nigeria, the Nigerian government has declared that it will implement a number of measures to ensure that the nation’s economy remains robust and prosperous (NBN).
Since the central bank started replacing the old bills with new ones, Nigeria has experienced a severe shortage of banknotes denominated in the local currency, the naira.
Due to the lack of new bills, banks have restricted bank withdrawals, and some establishments are refusing to accept the old bills, which has resulted in long lines and a disruption of business operations.
Violence broke out in the southwest, in Ibadan and Benin City, as well as in the southern state of Delta, ten days before the presidential election in a nation already afflicted by frequent fuel shortages.
Two banks and two vehicles were set on fire by “youths/villagers,” according to Delta State police. “Nine suspects have currently been taken into custody. Some may refer to it as protests, “Tweeted state police spokesman Bright Edafe.
Young men were seen burning tires on the outskirts of Warri locality in Delta State in footage from local television that was posted on their Twitter accounts.
Crusoe Osagie, the governor of Edo State’s spokesman, claims that protests started in Benin City when police stopped “thugs” from attacking the Central Bank’s regional office.
He claimed that the opposition PDP was in control of the state and that the APC, the current administration, was using the unrest to its political advantage.
An enraged mob blocked roads and set tires on fire in Ibadan. Protests reportedly started in a few locations in the state capital but were quickly put under control, according to the Oyo State police.
Disgruntled bank customers protested this morning, according to spokesman Adewale Osifeso, who spoke to INSIDERBLM.
The unrest, according to locals, began when these incensed customers protested because they were unable to withdraw their money or exchange their old bills for new ones.
The protesters, according to him, were also irate that merchants and gas stations no longer accepted old currency.
Riots have broken out in Ibadan, Abeokuta, the largest city in the southwest, and Kano, the largest city in the north, over the course of the last three weeks. According to local media, fighting last week claimed the lives of two people in Ibadan.
The central bank abruptly announced a change in banknotes in October, including a change in color, and determined that the previous bills would expire at the end of January. In response to shortages and public pressure, it then changed the date to February 10.
President Muhammadu Buhari, who is ending his second term in office with a record of widespread insecurity that has nearly become universal and a severe economic crisis, will be succeeded by a voter turnout of over 93 million.
The currency change was justified by the ruling party as a measure to counteract vote buying, but the opposition claims it was implemented to deprive it of resources and prevent it from running for office.