CASH CRUNCH: PROTSTERS BLOCK LAGOS-IBADAN EXPRESSWAY AS TRANSPORTERS, TRADERS REJECT OLD NAIRA NOTES
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Farouq Oduola A.
Protesters are said to have blocked the Kara-Ibafo portion of the Lagos-Ibadan Expressway in response to transporters’ and traders’ claimed rejection of old naira notes.
A video that was shared on twitter showed the protesters standing in large groups on the vacant road after it had been sealed off with wooden planks and burning.
According to reports, the protesters were in outrage over traders and transporters refusal to accept old 500 and 1000 naira notes.
The Federal Government and Central Bank of Nigeria declared February 10 as the deadline for the old notes, however some Nigerians are reportedly still in possession of the old currency.
Three Nigerian states – Zamfara, Kogi and Kaduna – brought a lawsuit to the Supreme Court challenging the Federal Government’s and CBN’s naira swap policy. The case was, however, postponed by the apex court on February 15 to February 22 in order to properly include other states, including Niger, Kano, Ondo, Ekiti, Lagos, and Ogun.
During the previous hearing, the Court temporarily barred the CBN from implementing its February 10 deadline for old N200, N500, and N1,000 notes validity.
The CBN governor, Godwin Emefiele, disagreed with the decision, emphasising that the deadline decision cannot be changed. As a result, banks declined to accept the old notes.
Buhari on Thursday, February 16, announced the extension of the validity for the old N200 notes for 60 days until April 10. He however reiterated that the old 500 and 1000 naira notes are no longer acceptable as legal tender.
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