The Presidency has disclosed how former President Olusegun backed the controversial Naira redesign policy but warned that the implementation was its undoing.
Presidential spokesman, Mr. Femi Adesina, disclosing for the first time what took place behind closed-doors at the last National Council of State meeting quoted Obasanjo as saying, “The naira change policy is good, but implementation is the issue. If there’s inadequate supply, let’s have more. If there are unscrupulous people sabotaging the policy, let’s deal with them….
“I’ve experienced currency change at least more than half a dozen times. When we increased feeding In universities from 50 kobos to N1, it led to the ‘Ali Must Go’ riots. Resistance to change is normal, and people will always support, oppose, or be neutral….
“Change was necessary from time to time, and resistance to change is normal.”
The former president said the policy would bring a “little bit of sanity into our elections and have a salutary effect on kidnapping and ransom taking, and corruption will be substantially reduced”.
Recall that the Council of State had urged the CBN to print more new Naira notes or re-circulate the old ones to stem scarcity; but as it stands, neither of this has been done, fuelling riots across the country.
Ruling on the case brought by the Kaduna, Kano, and Kogi State governments last weekend, the Supreme Court also ordered that the old N200, N500, and N1000 notes be left in circulation; but curiously, and against the grain of that order, President Muhammadu Buhari on Thursday ordered that only the old N200 note be recirculated, a decision the CBN Governor, Mr. Godwin Emefiele, says the apex bank is already implementing.
At least, three state governments – Jigawa, Kaduna, and Kano – have defied Buhari, with two of them – Nasir el Rufai (Kaduna) and Umaru Ganduje (Kano) – using strong language against the President’s action, and ordering residents to continue to use the three old Naira notes.
Elsewhere in the country, news outlets and the News Agency of Nigeria report protests, and scared banks closing shop. On Friday, Lagos, Oyo, Ogun, Rivers, and Ondo reported protests.
Some residents of Ore in Odigbo Local Government Area of Ondo State on Friday blocked the busy Ore-Benin expressway to register their displeasure over the scarcity of naira notes.
The News Agency of Nigeria (NAN) reports that the protesters made bonfire on both sides of the expressway making it impossible for vehicular movement which has also resulted to heavy gridlock on the axis.
Some of the protesters who spoke in separate interviews with NAN said that they were protesting over the naira notes scarcity which they claimed was taking a toll on them and their families.
They also lamented their inability to access cash from banks’ Automated Teller Machines (ATM’s) and were not allowed into the banking halls.
Mr Kayode Akinbola, one of the protesters said: “This is indeed a hard time for us, the naira scarcity is taking a toll on me and my family, and this protest is to demonstrate that we are not happy over this situation.”
Mr Rotimi Akinluwa, another protester said the inability to access his money through the banks’ ATMs and banking halls was so frustrating .
“I have my money in the bank and I can not get it, even the Point of Sales (PoS) operators no longer have the cash even if you want to buy, this is so frustrating,” he said.
Another protester, Mr Bummi Adewole described President Buhari’s nationwide broadcast on Thursday as “the most frustrating one as he refused to heed to the yearnings of the masses in his broadcast.”
“Buhari said they should re-circulate the N200 old notes, how many people will this satisfy, in fact there is no solution on the way at all and the problem continues,” Adewole said.
ASP Funmilayo Odunlami, the Police Public Relations Officer, Ondo State Command, in a telephone interview with NAN said that police personnel from Ore Police Area Command were “on top of the situation to arrest any breakdown of law and order.”
Also, Mr Sikiru Alonge, the Federal Road Safety Corps (FRSC) Unit Commander in Ore, told NAN that it was difficult to control traffic on the axis now, urging motorists to use alternative routes.
In Benin, the Edo capital on Thursday, halted their services to customers over the destruction of some of their facilities on Wednesday.
A correspondent of the News Agency of Nigeria (NAN), who went round some commercial banks in Benin metropolis, observed that they were under lock and key.
NAN observed that security guards were manning the gates of banks while efforts to get official response from some of the banks proved abortive as officials declined comments.
A few bank customers who were seen outside some of the bank premises, lamented their inability to withdraw cash.
Mr Peter Idahosa, a bank customer, while expressing displeasure over the vandalism, noted that the innocent citizens would be the ones to suffer more.
‘We know people are angry that they cannot access their hard-earned money from the banks, but it is very unfortunate that banks’ facilities were destroyed.
“ThIs situation of the banks not working will worsen the present cash crunch in the state.”
Point of Sale (PoS) agents in the city center also shut down their operation, due to attacks on their facilities as well as lack of cash to give to customers.
NAN reports that some angry residents on Tuesday took to the streets to protest their inability to make withdrawal from banks, Automated Teller Machines (ATMs), and PoS.
Some of the protesters in the process, attacked and destroyed bank facilities, including ATMs and vehicles.
Four persons allegedly lost their lives during the protest which lasted for several hours across some major roads in the state.
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Some of the banks attacked include United Bank for African, Unity Bank, Polaris Bank, Access Bank, Zenith Bank, First Bank and some microfinance banks.
NAN also reports that banks along Ugbowo Road, Akpakpava Road, and Sakpoba Road were mostly attacked by the angry protesters.
However, the Nigeria Police Force has commenced show of force across the major street within the Benin metropolis.
Also, security agents comprising Police, NSCDC and Army have taken over the Central Bank of Nigeria (CBN), office and its adjoining roads.
The Akpakpava Road leading to the CBN office was barricaded with restriction of movement around the area.