Naira scarcity unrest: We are ready to secure environment for 2023 elections — Security Chiefs
…Protests spread as hoodlums set two banks ablaze, destroy council facilities
…I don’t have new notes — Gov Adeleke laments
…Banks start release of old N200 notes
…More PoS operators closing shop, as traders invade value chain
By Bankole Taiwo, Ogun; Ismail Azeez, Osogbo; Jeleel Olawale, Ife
Amidst fear that the turbulence of Naira redesign crises may foist wild disturbances against the February 25 and March 11 General Elections, Security Chiefs in the Country have assured their readiness to ensure adequate security for the election to go-on, as scheduled by the Independent National Electoral Commission (INEC).
There are have been fears that the circumstances of the recent crises trailing the Naira redesign policy may force disruptions that may impede the elections, particularly as angry mob frustrated by the scarcity of the new Naira notes and the termination of the old ones from being legal tender, had resorted to protests with demonstrations which in some States have recorded the destruction of properties.
However, rising from the meetings of Security Chiefs and Heads of Security Agencies in Abuja on Monday, the Chief of Defence Staff (CDS), Gen. Lucky Irabor has reassured Nigerians that the armed forces and other security agencies are ready to provide a safe and secure environment for the 2023 general elections to hold.
Giving update after the closed-door meeting attended by Service Chiefs, the Inspector-General of Police, the Director General of the Department of State Services (DSS) and the National Intelligence Agency (NIA), and the Chief of Defence Intelligence (CDI), Irabor said the meeting was borne by the need to review security arrangements for the elections and develop action plans to ensure that the exercise hold under a secured atmosphere.
“We have just finished the meeting. The service chiefs, the Inspector General of Police, the DSS, represented by the Director of Operations, the DG, NIA and the CDI.
“Looking at the security for the elections and as you know, the Police is the lead agency for elections security, we have compared notes and assessed the entire situation and we are good to go.
“The assessment is that we are set on all fronts.
“We got representation from the Independent National Electoral Commission, who of course you have interacted with, and had also told Nigerians and the world that they are ready for this election.
“By and large, we are good to go and I like to use this opportunity to assure Nigerians that on the security front, we are good to go on all fronts,” he said.
The Defense Chief gave assurance that the security agencies would man every part of the country to ensure peaceful elections, so that all eligible Nigerians are not denied opportunities to exercise their franchise.
Mentioning that contingency actions had been taken to address areas with peculiar security challenges, the CDS warned those with intent to cause disruption during the elections to have a rethink, “because they will have a bloody nose.”
Naira scarcity protests spread
Meanwhile, protests over the Naira redesign policy have continued to assume more violent dimensions as Nigerians in anger have resorted to venting their anger on bank facilities and government properties.
…More unrest hits Ogun, banks, council facilities destroyed
On Monday, protest again erupted in Sagamu, Sagamu Local Government Area of Ogun State over the Naira scarcity, with videos online showing two banks set on fire.
The videos shared on Monday showed many residents watching as branches of Keystone and Union banks were set ablaze with some youths holding planks in protest.
It was gathered that the protesters vandalised furniture, giant generating set, overturned table and files at the Sagamu Local Government Secretariat, while other property of the local government council were also damaged.
The protesters also made bonfires at the local government Secretariat, Ita Oba, and GRA areas even as they disrupted vehicular movement and socioeconomic activities.
It was gathered that the office of Ibadan Electricity Distribution Company, (IBEDC) as well as the office of the Independent National Electoral Commission (INEC) in the local government area, alongside the High Court road, Sagamu were also vandalised.
The protesters reportedly blocked the Sagamu-Ijebu Ode expressway with bonfire on the road forcing the motorists to make a u-turn as they could not proceed on their journey due to the blockage.
The protest disrupted commercial activities, as shop owners closed their shops and scampered for safety.
Schools were also said to have hurriedly closed as parents were said to have asked their children to stay back home.
The Executive Secretary of State Trust Fund, Engr Adeola Sosanwo also confirmed being attacked during the crisis.
The protesters blamed the President Muhammadu Buhari-led government for inflicting hardship on the masses with the Naira scarcity challenge.
…As Gov, I don’t have new notes – Adeleke laments plight of common man
Meanwhile, Osun State Governor, Ademola Adeleke has warned against hoarding of new Naira notes by commercial banks in the State, calling on the Central Bank of Nigeria (CBN) to sanction financial institutions involved in such anti-people activities.
The Governor lamented he himself doesn’t have the new Naira notes, questioning what would be the case for the common man.
Addressing CBN officials in his office, on Monday, Governor Adeleke decried the increasing shortage of the new notes, explaining that he has been deploying State network to douse tension and ensure safety of banks and the CBN State office.
According to the Governor, his intervention in the last few weeks had ensured that Osun State is saved from increasing conflict across some South Western States, expressing unhappiness at the current hardship the people are experiencing.
He said, “The situation is getting out of hand. The CBN must act fast. Any bank hoarding the new notes must be sanctioned. We should not treat such banks with kid gloves.
“My people are patient, but we should not take their patience for granted. That is why I called for this meeting.
“Why are the new notes not available? Is the supply small or inadequate?”
He expressed the readiness of his government to partner with the CBN for the currency swap, informing the CBN team that the State is sacrificing a lot to maintain peace and calm frayed nerves.
“The new notes are not available. Even as a State Governor, I don’t have the new notes. You can see how hard it is for our people to access the new currency if their Governor is not getting them. We should not overstretch the cooperation we are enjoying from the citizenry. We are expected as elected and appointed leaders to respond to the needs and aspirations of our people,” Governor Adeleke warned.
Responding, the CBN State Director, Oluyemi Adeyemi in response commended the State Governor for his proactive steps that has saved the State from Naira related riots.
“We must thank Mr Governor for reaching out to the people, for diffusing tension, for keeping the State peaceful. We are aware of the day Mr Governor stopped some angry youths from demonstrating and from attacking the CBN office.
“On our part, we are working hard to make the new notes available. Let me say that the CBN has issued queries to some banks. I assure Nigerians that we are working hard to make the new notes available,” the CBN official stated.
The meeting set up a monitoring mechanism between the State Government and the CBN to ensure allocated new notes get to the populace.
…Banks commence issuing old N200 notes over counters
Meanwhile, it was gathered that in line with the directives of President Muhammadu Buhari to return into circulation the earlier retrieved old N200 Naira notes for circulation till April 10, Commercial Banks have begun issuing to customers the old N200 notes over the counters.
In Ile-Ife, findings by our correspondent revealed that banks customers besieged banks to withdraw their money as banks Automated Teller Machines (ATMs) were not dispensing money for customers.
The customers were, however, asked to withdraw inside banking halls over the counters, as it is showed that bank customers received old N200 Naira notes with maximum withdrawal of N20,000.
It was noticed that the banks were operating skeletally, while it was gathered that banks may not open for customers today (Tuesday) due to fear of being attacked by irate youths.
On Monday, banks customers were given number with maximum of 200 customers per day “as order from the above,” a senior banker said.
…Nigerians further lament, mixed reactions, situation may worsen vote buying inducements for frustrated Nigerians
According to Mr Gbenga Olawuni, a teacher, the negative impact which “the mediocre and mischievous implementation of the policy by the Governor of the Central Bank of Nigeria is having on the poor people and small business owners, defeats all the good programmes of the Federal Government designed to alleviate as many people as possible out of the morass of poverty.”
He said, “There is no shame in rescinding a policy adjudged not only unpopular and counter-productive, but which also bears the insidious seeds of potential conflagration in the land, one of the ostensible reasons for this ill-conceived policy.”
Olawuni urged the Federal Government and the CBN to expedite action on efforts to ensure the stable circulation of the currency to ease economic pains being experienced by the citizens.
He said the violence accompanying the Naira scarcity had great implications, adding that it has erupted reported cases of protests, burning of institutions and shooting of angry Nigerians over Naira scarcity.
“These are dangerous events that portend danger to the free conduct of the 2023 polls,” he said.
He said the situation should be controlled from further degeneration by making the currency available to Nigerians with immediate effect, stressing that further delay could be dangerous.
“I want to call on Nigerians, as they groan under the heavy burden of naira notes’ scarcity, to be cautious. I know that this is not the best treatment that we deserve, but we must tread softly to prevent our situation from becoming more complicated and degenerated.
“Although, the pain being inflicted on Nigerians due to Naira note scarcity is becoming unbearable and excruciating, resorting to arson, killings, and violent protests won’t be a panacea for remedying the situation,” he said.
…More PoS operators closing shop
Meanwhile, the cash crunch, it was gathered, has continued to push more Point of Sale (PoS) operators out of business.
A PoS operator, Mr Ogungbade Tosin said that since the Naira scarcity has commenced, he has closed shop as he could not access the new Naira notes, adding that he could not involve in illicit act of buying and selling of Naira which many of his colleagues have resulted to.
“Many people have abandoned PoS business for another business as many market women have been engaging in the business,” he said.
He called on the CBN to rescind its decision, to allow bank customers access their money, saying “there is hunger in the land, many patients have died in the hospital as they could not get money to buy drugs and pay hospital bill.”
Ogungbade noted that voters will besiege voting centres to collect money from politicians during the Saturday election, since they have been suffering from Naira scarcity for weeks.
“They will collect available money given to them by politicians and even go for highest bidder,” he said.
Recall that President Muhammadu Buhari’s last Thursday broadcast declaring the old N500 and N1,000 notes have ceased to be legal tender, had further erupted anger, instigating protests across States in the Country with more destruction of property.
The President last week, amidst the scarcity of the new notes, had said he has given approval to the CBN that the old N200 bank notes be released back into circulation and that it should also be allowed to circulate as legal tender with the new N200, N500, and N1,000 banknotes for 60 days from February 10, 2023 to April 10 2023 when the old N200 notes cease to be legal tender.
He added that in line with Section 20(3) of the CBN Act 2007, all existing old N1,000 and N500 notes remain redeemable at the CBN and designated points.
Recall that a seven-man panel of the Supreme Court had Wednesday February 08, barely two days to the February 10 deadline set by the Federal Government, in a unanimous ruling granted an interim injunction restraining the Federal Government from implementing the CBN’s February 10 deadline for the swapping of the old Naira notes with the new ones.
The judgement followed the motion ex-parte on behalf of three northern states — Kaduna, Kogi and Zamfara, which on February 3rd filed a suit seeking to halt the implementation of the CBN’s policy.
In a new development, more States have filed to join Kogi, Kaduna and Zamfara States in suit, while it was gathered others may still join in interest.
At resumption of sitting last Wednesday, the Apex Court in Abuja adjourned the hearing to Wednesday, 22nd February 2023.
Meanwhile, pending hearing, according to the Court, the old order to suspend the ban of the now older N200, N500 and N1,000 Naira notes subsist. The President’s broadcast was contrary to the Court’s order, attracting condemnation.
Meanwhile, since February 10, Banks have continued to refuse collecting old notes of N1,000, N500 and N200 despite the Supreme Court injunction that ruled that the old notes should still be legal tender pending the determination of the suit challenging the introduction of the newly redesigned Naira.
The Banks were further thrown into more confusion over the weekend on conflicting directives from the CBN which initially told Deposit Money Banks on Friday to commence again the collection of old notes of N500 and N1,000 for deposit, but later debunked, a development that saw Banks thrown into confusion, as Banks which promptly opened and started collection of the old notes, swiftly stopped the collections after a follow up directive denying issuing such directives for collection.
But following the crisis that trailed his broadcast, President Buhari in a video on Sunday appealed to Nigerians for more patience on the policy.
Buhari who said he was fully aware of the hardship argued that the policy is meant to improve Nigeria’s economy.
“I am appealing to you to exercise further patience as we take appropriate measures to ease these hardships. God willing, there will be light at the end of the tunnel,” Buhari said in a video recording from Ethiopia where he attended the just-concluded African Union summit.
Speaking on Sunday, the President said in the video, “I want to once again assure you that I am fully aware of the current hardship you are facing as a result of some policies of the government which are meant to bring overall improvement to the country.
“I am appealing to you to exercise further patience as we take appropriate measures to ease these hardships. God willing, there will be light at the end of the tunnel.”
As banks continue to suffer attacks, Chief Executive Officers of banks had also met seeking solutions to the situation which had led to attacks on their facilities and the death of no fewer than 13 persons across the Country.
Bankers Committee were reported to have met to discuss possible extension of the collection of old notes this week to save facilities of their branches across the Country from attacks leading to destruction of their properties.
Last Friday, following Buhari’s national broadcast which announced the termination of N500 and N1,000 as legal tender, widespread protests across the Country had recorded attacks on banks.
In Epe area of Lagos State, banks said to have been attacked on Friday include branches of Zenith, Access and Keystone banks.
In Rivers, last week, Banks reported to have been attacked on Friday include First Bank in Churchill and Keystone Bank along Aggrey Road both in the old Port Harcourt Township area of Port Harcourt, Rivers State Capital.
The First City Monument Bank at Rumuokoro in Obio/Akpor Local Government Area of Rivers State was destroyed by customers on Thursday.
Recall that racing for die minute way out, the Progressive Governors under the platform of the All Progressives Congress (APC) on Sunday met with the National Chairman of the Party, Senator Abdullahi Adamu, demanding that the Federal Government honour the order of the Supreme Court on the pending suit which has restrained it from implementing its deadline on the status of the old Naira notes as legal tender. The stakeholders urged the Central Bank Governor (CBN), Mr. Godwin Emefiele and the Attorney General of the Federation and Minister of Justice, Abubakar Malami to respect the Supreme Court order of interim injunction, which has restrained the Federal Government, the CBN, and Commercial Banks from implementing the deadline on the swap of the old Naira notes.
Recall that there has been discrepancy between President Muhammadu Buhari and some aggrieved governors over the policy which has left the citizens groaning not only in untold hardship, but in confusion.
