Scarcity of the naira has caused protests in Ogun State, with video footage on social media showing two banks set ablaze in the Sagamu area. The clips, which emerged on Monday, reveal local residents witnessing the burning of Keystone and Union banks, while some young people brandish planks in protest.
According to a report by Zeewade.com last Friday, demonstrations erupted in the Mowe-Ibafo region of Ogun State, with frustrated locals blocking the Lagos-Ibadan Expressway to draw attention to the hardship and distress caused by the persistent shortage of the naira.
However, in a national address on Thursday of last week, President Major General Muhammadu Buhari (retd.) announced that the old N500 and N1,000 notes were no longer valid legal tender in the country. However, he granted a 60-day extension for the old N200 note, which will remain valid until April 10, 2023.
The naira scarcity is causing more harm than good as citizens are frustrated by the inability to spend their hard-earned money for basic use.
