Violent protests in Edo, Delta, Oyo over Naira scarcity

Violent protests have erupted in some states of the federation over the scarcity of old and new Naira notes.

Footages obtained from netizens on Wednesday morning captured aggrieved protesters wielding clubs, matchetes and other dangerous weapons in Edo, Delta and Oyo states respectively.

The aggrieved protesters were seen invading banks and destroying other public properties in the aforesaid states.

Palpable tension has continued to rise in various parts of the country over the shortage of cash and fuel, which is affecting daily life and business operations.
The decision of the Federal Government to phase out the N200, N500 and N1000 old Naira notes as valid legal tenders, has created a wide rift among various states of the federation.

Though only three northern states- Kogi, Kaduna and Zamfara- initially instituted an action to challenge the new monetary policy that was introduced by the Central Bank of Nigeria, CBN, however, when the matter came up before the Supreme Court on Wednesday, seven other states applied and were joined as co-plaintiffs in the suit.

The states the apex court allowed to come into the case to challenge FG’s decision, were; Lagos, Cross River, Ogun, Ekiti, Ondo and Sokoto states.

Similarly, President Muhammadu Buhari’s home state, Katsina, also persuaded the court to allow it to file legal processes to nullify the new monetary policy.

On the other hand, Edo and Bayelsa state threw their weight behind FG and the CBN.

Recall that the Supreme Court had on Wednesday adjourned the suit filed by Governors to challenge the naira redesign policy of the Central Bank of Nigeria (CBN) to Wednesday February 22.

The apex court said it would consolidate all the cases, stressing that all the states would abide by its decision on the matter.
(Vanguard)