The banks’ rejection contrasts with the erroneous assurance given to them by Governor Dapo Abiodun on Sunday that the notes remain legal tender for state-sponsored commercial transactions.
Over the weekend, Mr. Abiodun’s agents had traveled to various states to persuade supporters to comply with the governor and his APC colleagues’ opposition to the federal government and the Central Bank of Nigeria’s (CBN) insistence that old naira notes be phased out before the general elections.
Based on the assurance, the state’s residents accepted the cash disbursement, but on Monday, banks rejected the notes.
The ongoing acute shortage of new notes exacerbated the situation, rendering numerous ATMs and banks inoperable.
By removing the governor’s and Bola Tinubu’s campaign posters and billboards, as well as those of the APC presidential candidate, the protesters vented their dissatisfaction with the governor’s broken promise by lighting bonfires on major roads.
At the time of this writing, major commercial banks were located on the street between Akarigbo road and Sabo, which was the town’s commercial heartland.
As protesting youths set fire to several bank facilities, including the Sagamu offices of Union, First, and Keystone banks, the demonstrations have now escalated into full-scale violence.
The bank buildings were being burned and vandalized in videos that were posted on social media by witnesses, but there was no security agency present to stop the willful destruction.
The arson makes the violent incidents that have engulfed the nation and were stoked by cash shortages more difficult to deal with.
The President Muhammadu Buhari regime has insisted that it will not change its position regarding the cash swap policy despite the violence and the obvious impracticability of achieving its goals while maintaining public peace and economic order.
The position taken by Mr. Buhari goes against an existing Supreme Court decision that said the presidency should stop using the policy.
The public’s perception of the Buhari regime as an autocratic one disguised in a democratic charade with scant regard for the rule of law and utter contempt for the country’s constitutional order is bolstered by the regime’s flagrant disregard for the apex court in its final days.
See video below…