Gridlock as protests erupt in Ibadan over rejection of old naira notes

Residents of Ibadan, the capital of Oyo, on Wednesday, protested the rejection of old naira notes by businesses as the scarcity of the new notes bites harder.

TheCable understands that the protest began in the Eleyele area before spreading to some other communities in the city.

Pictures and videos shared on social media showed motorists in gridlocks and stranded commuters as the protesters blocked major roads and set up bonfires in affected areas like Eleyele, Ologuneru, Ijokodo, and Bodija.

Speaking to TheCable, a resident who identified himself as Tife, said the protest at the Apete area was fueled by the scarcity of the new notes and the rejection of the old notes.

He added that some businesses in the area have stopped collecting the old naira notes for transactions.

“The protest here is about the rejection of old naira notes by traders and scarcity of the new ones. Basically the rejection of old naira notes,” Tife said.

“Nobody is attacked or targeted by the protesters. Just blockage of roads.”

Reacting to the situation, the Oyo state police command, in a tweet, said its officers had been dispatched to ensure the protest was not hijacked by “hoodlums and other unscrupulous elements”.

“This far, the Area Commanders of the affected areas have personally led patrols to ensure that the situation is not hijacked by hoodlums and other unscrupulous elements,” the tweet reads.

Adewale Osifeso, the command’s spokesperson, said normalcy had been restored, and law and order were ensured.

“Normalcy has since returned as the command has taken all necessary to forestall the breakdown of law and order.
Updates would be provided accordingly, please,” Osifeso told TheCable.

The protest was not the first to erupt in Ibadan over naira scarcity.

On February 3, the residents of the city also took to the streets with bonfires and roadblocks in protest of the economic policy.

In October 2022, Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), announced the plan to redesign the N200, N500, and N1,000 notes.

Many Nigerians have found it difficult to obtain the new naira notes despite the CBN insisting on its February 10 deadline that the old notes would cease to be legal tender.