Naira Scarcity: Chaos As Youths Hit The Streets In Ogun State In Protest (Pictures)

Riots have erupted in various parts of Nigeria following the directive from President Muhammadu Buhari that 500 and 1000 naira old notes are no longer legal tender in the country.

Youths in Ogun communities took to the street to protest the economic hardship caused by the new naira policy and fuel scarcity plaguing the nation.

According to Punch, protesters barricaded the Mowe end of the Lagos-Ibadan Expressway and turned back motorists and travellers.

It was gathered that the protesters resisted police intervention and threatened to set the police station in the area ablaze.

Protest In Ibafo

Meanwhile, angry residents in Mowe/Ibafo axis have also come out in large numbers to block the Lagos-Ibadan Expressway over the continued scarcity of new Naira notes.

Naija News reports that the protesters, armed with sticks and other weapons, in the early hours of Friday, barricaded the expressway, leading to heavy gridlock on the road on both sides.

The development has made hundreds of motorists to be stranded on the road.

Cash Swap: CBN Reject Customers With Less Than N500,000

In another development, the Kogi State branch of the Central Bank of Nigeria (CBN) on Friday declared that it would not attend to customers who stormed its office with less than ₦500,000 for the cash swap process.

According to the Kogi Branch controller, Ahmed Sule, such customers should visit their banks to carry out the transaction.

Naija News understands he also added that no cash would be given to either the customers at the CBN office or those redirected to their respective banks.

Sule explained that the value of the old notes would be credited to the owners’ accounts

According to Tribune, customers with less than ₦500,000 who visited the Hassan Katsina road, zone 8 location of the CBN in Lokoja on Friday were turned back and advised to visit their respective banks.

The Branch controller said customers with ₦500,000 and above should visit the CBN website, download the form, fill it and submit it at their office while those with less than ₦500,000 should also download the form but take it to their respective commercial banks for processing.

He assured that once the process is followed, nobody will fall into wrong hands, stressing that “there was nothing to fear about as the link have been certified safe and no one will be shortchanged whatsoever”.

He also said contrary to the experience of last week when the forms were not available for download, the forms are now available on the CBN website.