Kasala burst for some cities for Nigeria as pipo para sake of scarcity of naira notes plus dia inability to get money from banks.
Di riots dey come just ten days to di kontri general elections. Di naira redesign policy of di goment dey make pipo vex.
Many Nigerians don complain say dem no fit access di new bank notes and business pipo no dey collect di old naira notes again for transactions.
Dis don dey happun for weeks now since di Central Bank of di kontri introduce new design notes policy to phase out di old 1,000, 500 and 200 naira notes.
Reports say angry protesters burn banks, destroy ATMs, block major routes to express dia frustration over di shortage of money for di kontri.
Warri, Delta State
According to reports, angry customers for Delta state, Warri, set two commercial banks on fire, destroy ATMs and loot cash from dia dispensing machines.
Benin City, Edo state
Viral videos for social media show how angry protesters bin try to break enta di local offices of di central bank for di state but security officers clear dem wit teargas.
Ibadan, Oyo state
Also for Ibadan, di southwest part of di kontri, kasala burst for Apete area of of di town as residents waka enta street to protest di naira swap policy of di CBN.
Dis na because traders, transporters and oda business pipo dey reject di old naira notes as di 10 February deadline wey di Central Bank bin set don pass.
Angry protesters block roads and attack banks as dem no fit withdraw dia savings.
Some viral videos wey spread for social media show how di protesters dey express dia frustrations.
Ilorin, Kwara State
Meanwhile di Kwara state Govnor Abdulrahman Abdulrazaq don beg residents of di state to dey calm say make dem no attack or destroy any property.
E tok dis one afta angry protesters bin block some major routes for di state sake of di naira scarcity.
Abdulrazak say make dem no give in to frustration or engage for any form of violence as im understand di inconvenience di development don bring.
E say in solidarity wit di public, e don put im public rallies on hold.
Dis actions dey come afta Nigeria Supreme Court adjourn one case wey involve some 10 states wey dey challenge di implementation of di February 10 deadline wey di Central bank of Nigeria give for pipo to change di old naira notes to di redesigned ones.
Na three Northern States, Kaduna, Kogi and Zamfara, bin file motion ex-parte on February 3rd, say make di top court stop Central Bank of Nigeria (CBN) naira redesign policy.
Di court wey bin sit on Wednesday to hear di mata, dem later postpone dia ruling to February 22, 2023 – three days before di kontri presidential election.
More states, including Lagos and Katsina, don join di case.
Over di last three weeks, Nigerians don dey experience long queues for banking halls and for ATM, yet dem no get to access di new banknotes, even di old naira notes no dey available.
Wetin cause scarcity of di Naira notes?
Since Sunday 29th January wey di Central Bank of Nigeria Govnor, Godwin Emefiele announce di extension of di swap of di naira note by 10 days, Nigerians don witness rush rush for di redesigned currency wey neva circulate well.
Di Central Bank of Nigeria for different times tok say dem don release enof moni wey fit go round yet naira notes both old and new still dey scarce for street.
President Muhammadu Buhari bin tok say di target of di new CBN policy on di redesigned naira notes no be di common pipo but na for pipo wey dey use money do mago-mago.
Some videos wey circulate on social media show as some pipo dey carry bundles of di new moni spray for party. Some politicians dey also share di money for political gatherings.
Dat one make Godwin Emefiele bin come out to say im don do meeting wit anti-corruption bodi to make sure say dem gbab pipo wey dey sell di new naira notes.
Di Economic and Financial Crimes Commission don also arrest some suspects for different parts of Nigeria wey dey sell di money.
Why CBN introduce new notes
Emefiele tok say di CBN dey face problem wit di management of di current series of banknotes wey dey circulation, especially di ones wey dey outside di banking system for Nigeria.
E say currency management na key function of di bank, wey dey for Section 2 (b) of di CBN Act 2007.
But dem say dis function dey face many challenges wey dey increase.
Emefiele say one of di challenges na say members of di public dey hoard banknotes. E follow tok say statistics show say ova 80 percent of currency wey dey for circulation dey outside di vaults of commercial banks.
Anoda challenge na say dirty and unfit banknotes dey for circulation and dis one dey give CBN bad image and e dey increase di risk of financial instability.
CBN also tok say di currency wey dey for circulation dey increase risk of fake notes.
“For recent years, di CBN don record significantly higher rates of counterfeit especially for di higher denomination of N500 and N1,000 banknotes,” Emefiele tok.
E say according to global best practice, central banks suppose dey redesign, produce and circulate new currency every 5–8 years, but CBN neva redesign di naira for di past 20 years.
