Protest in Ibadan over cash scarcity, hike in petrol prices (VIDEO)

Battered by the biting hike in petrol prices and the ongoing policy of the Central Bank of Nigeria (CBN) which had resulted in scarcity of new Naira notes, Nigerians in Ibadan, Oyo state capital, have taken to the street to protest the development.

In a video shared on the Twitter handle of Ibadan Community and seen by Ripples Nigeria on Friday, the protesters blocked Iwo Road to lament the current situation in the country.

The protest caused a gridlock along the axis, leaving many commuters and motorists stranded.

The governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, on October 26 last year announced the redesign of the N200, N500 and N1,000 notes.

He alao announced January 31 as the deadline for the withdrawal of the old current notes from circulation.

Read also:Scarcity of new Naira notes hits CBN’s cash swap with banks, First Bank reject PoS agents’ request

The apex financial institution had since extended the deadline for the Naira swap till February 10.

The development has thrown Nigerians into hardship while Point of Sales (PoS) operators have taken advantage of the situation to make brisk business.

Meanwhile, President Muhammadu Buhari after meeting with All Progressives Congress (APC) governors in Abuja on Friday asked Nigerians for seven days to resolve the lingering crisis.

This was in addition to the submission of the Minister of Finance, Zainab Ahmed, who described the cash scarcity as a temporary pain Nigerians must pass through for things to get better.

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