The scarcity of new naira notes, which has been a subject of discussion across major towns and cities in Nigeria, took another dimension on Friday when customers took to major streets in Ibadan, the Oyo State capital, to protest.
The Central Bank of Nigeria (CBN) late last year introduced newly-designed N200, N500, and N1,000 notes and gave a January 31st deadline to phase out the old notes. The deadline was later extended by ten days following the outcry that greeted the policy.
Despite the extension, the new notes are scarce and Nigerians are finding it difficult to get the old ones.
Also, in several parts of the country, the pump price of fuel has increased with many people buying the product for as high as N500 per litre. Queues tailing back into major roads have also resurfaced in many places.
The majority of bank customers who attempted to withdraw money on Friday at several banks in Ibadan were unsuccessful, according to Daily Post, which led to protests in some areas of the city.
Some of the areas where the customers are currently protesting are Agodi Gate, Idi Ape and Iwo Road. The protesters burnt several tyres so to register their displeasure.
The roads leading to the Iwo area of Ibadan were deserted as the protesters barricaded them. They were also burnfires on the road and reports suggest that a commercial bank was attacked in the process.
“People are fed up and need relief,” one of the protesters, Tayo Adetunji, told Channels Television.
“The government in power should give us relief,” he added.
He claimed that “the system is no more working in Nigeria. The money that we suffered for to collect it is now a problem”.
A resident of Gate who spoke with Daily Post said that the protesters were protesting their inability to withdraw money from the banks.
“Protests are currently ongoing at Gate and Iwo Road as I speak with you. They are burning tyres now,” he said.
A resident of Iwo Road also confirmed that the protest is ongoing.
“Yes. There is a protest here. People are currently protesting at Iwo Road over inability to collect their money from banks,” he also said.
Watch video below:
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