EKO NEWS
Failure Of Naira Redesign Policy On Display As Unrest Erupts In Parts Of Lagos; Epe, Ojota, Others
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Most places in Lagos State are currently on edge as unrest breaks out in some parts of the state.
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The rioters are believed to be motivated by the hardship currently experienced as a result of the scarcity of naira notes.
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President Muhammadu Buhari extended the validity of the old N200 naira till April 10 but it has done little to relieve the cash scarcity across the country.
Eko Hot Blog reports that commuters and residents in some parts of Lagos State, on Friday morning, were thrown into panic after violent protests broke out over the lingering naira scarcity.
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Violent protests were first reported in the Ketu, Mile 12 area of the state and the unrest quickly spread to areas such as Ojota, Agege, Epe, and some parts of Ikorodu.
Some of the protesters blocked major roads and triggered traffic congestion.
MILE 12 UNREST
Violent protests broke out in the Ketu, Mile 12 market area of Lagos State around 7am on Friday morning. The protesters allegedly attacked commuters and set bonfires on major roads.
Commuters were forced to scamper to safety as some cancelled going to schools and work.
The police spokesperson in Lagos, SP Benjamin Hundeyin, confirmed the development and said reinforcement units had been deployed to the scene.
“It is true. Our men are there. Reinforcement units have been deployed. Stay safe out there as we closely monitor and manage the situation,” he wrote on Twitter.
It is true. Our men are there. Reinforcement units have been deployed.
Stay safe out there as we closely monitor and manage the situation. https://t.co/6ztGGNJ0Z3
— SP Benjamin Hundeyin (@BenHundeyin) February 17, 2023
In an update later in the morning, Hundeyin said police officers had restored law and order in the Mile 12 area of Lagos.
“Free movement of vehicles and people fully restored. Our officers and men are still on ground to prevent any breakdown of law and order,” the police officer tweeted.
Free movement of vehicles and people fully restored. Our officers and men are still on ground to prevent any breakdown of law and order.
If you see something, say something. 🙏🏻 https://t.co/PUL9oTsvRM
— SP Benjamin Hundeyin (@BenHundeyin) February 17, 2023
EPE UNREST
Epe, a community widely known for being peaceful and devoid of violent tendencies, was not left out of the chaos that erupted in various parts of Lagos State on Friday morning.
As early as 8am in the morning, rioters angry over the scarcity of fuel and cash starting fostering violence across the town.
Eyewitnesses told Eko Hot Blog that violent protesters agitating against the naira redesign policy destroyed bank buildings and confronted police officers.
“People are destroying banks and fighting policemen because of this naira and fuel scarcity. The protesters have blocked vehicles from moving,” an eyewitness, who pleaded anonymity, told our reporter.
A First Bank branch was one of the banks attacked by the rampaging protesters.
The destroyed First Bank in Epe
Eko Hot Blog gathered that rioters invaded the premises of the bank and carted away valuables.
Efforts to reach the bank’s manager proved abortive as of the time of filing this report.
An attacked UBA branch in Epe
A video sighted by Eko Hot Blog showed policemen running away in their van as protesters chased after them. The officers were heard shooting warning shots as scared residents scampered for safety.
As of the time of filing this report, there’s no confirmation that the unrest in Epe has been calmed.
OJOTA UNREST
Eko Hot Blog gathered that the chaos at Mile 12 spread to Ojota on Friday morning, breaking down law and order in that part of Lagos State.
The rioters allegedly intimidated commuters and stopped vehicles from moving smoothly.
However, police officers have restored order in Ojota.
AGEGE UNREST
Agege was another part of Lagos where violence erupted on Friday morning. Protesters reportedly blocked vehicular movement around the Okekoto area in Agege. They were also said to be motivated by the naira scarcity.
However, normalcy has been restored at Okekoto, inward Shofunde junction, down to Agbotikuyo Agege.
Vehicles and commuters were scene using the road as they went about their businesses without incident.
THE FAILURE OF THE NAIRA REDESIGN POLICY
The federal government recently phased out the use of N500 and N1000 notes in violation of a Supreme Court order restraining it from enforcing a deadline.
The apex court recently ordered the federal government and the Central Bank of Nigeria (CBN) not to enforce their February 10 deadline for the validity of the old N200, N500 and N1000 notes till it determines the suit brought by some states, including Lagos, against the federal government.
CBN Governor, Godwin Emefiele and President Muhammadu Buhari with the new naira notes
However, the federal government has refused to obey the Supreme Court’s order, forging on with its deadline to phase out the old naira notes.
Although President Muhammadu Buhari has extended the validity of the N200 note till April 10, the federal government no longer accepts the old N500 and N1000 notes as legal tender.
The failure policy has bred the chaos ensuing in parts of Lagos State and other states across Nigeria.
The policy has triggered a scarcity of cash across the country as Nigerians are unable to access their own money at the bank.
Angry citizens are now taking matters into their hands as protests turn violent, resulting in deaths in some cases.
In his national broadcast on Thursday, President Buhari said the naira redesign policy was aimed at reducing the influence of money in the forthcoming elections. Although the motive of the policy is noble, the implementation has left so much to be desired.
Amid the naira scarcity, some banks have been caught hoarding money while some point-of-sale (POS) operators have used the scarcity to unfairly extort desperate Nigerians.
It’s time for the federal government to realise that its policy has triggered far more negatives than positives, giving destructive power to non-state actors.
FURTHER READING
The government has a responsibility to provide a quick solution to the cash scarcity and stop the needless destruction of property and loss of lives.
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