Tension Erupts as Protesters Storm CBN Over Emefiele's Fresh Comment on Old Naira Notes
- Protesters have stormed the Edo state chapter of the CBN over their inability to change their old naira notes for the new ones
- They said their banks directed them to the CBN while the apex bank asked them to return to their banks
- The protest came a few hours after the governor of the apex bank, Godwin Emefiele, announced that the February 10 deadline for swapping old notes for new ones did not change
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Benin, Edo - Some Nigerians have staged a protest at the Central Bank of Nigeria (CBN) branch in Benin, the Edo state capital, over their inability to exchange their old N200, N500 and N1000 notes for new ones.
In the video, the protesters alleged that their banks directed them to the CBN to carry out a cash swap, but the CBN directed them back to their banks.
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They lamented that the policy of the apex bank is biting them hard, and there is a need for the government to suppress the tension because they find it "ridiculous that they have money at hand and can't make use of it".
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The protest came shortly after the governor of the CBN, Godwin Emefiele, dismissed the order of the Supreme Court and announced that the deadline for the old naira notes stands.
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On Wednesday, February 8, the apex court issued an interim order restricting the federal government from stopping Nigerians from using the old notes, and President Muhammadu Buhari said his administration would obey the court order.
However, many Nigerians were shocked when Emefiele declared that the earlier scheduled February 10, deadline for the old naira notes to no longer be legal tender had not changed.
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See video of the protest here:
CBN makes plans to print N1trn new notes
Legit.ng earlier reported that the CBN is prepared to distribute about N1trn to commercial banks in Nigeria to relieve people from the suffering of the naira scarcity.
A board member of the apex bank, who spoke on the condition of anonymity, disclosed the new move by the bank.
The distribution of such an amount of money can be considered a strategic move to outsmart some governors who are challenging the naira policy in court already.