Aftermath of currency redesign policy and protests in Benin

By Bernadette Idalu

After protests rocked Benin City and its environs due to problems experienced in the implementation of the naira swap policy and none availability of new naira notes, an altercation which unfortunately led to loss of human lives, yesterday, February 15, 2023, Benin has returned to it's peaceful state today. 

Unlike yesterday when people scampered for safety trying to avoid rampaging youths who pelted bank windows with stones, destroying the bank ATM galleries, POS booths, leaving destruction in their trail leading to the repeal with use of superior fire power by security details attached to the CBN Annex at Akpakpava Road; Many people stayed off the streets as a precautionary measure today due to fear of the unknown.

The unleashed commotion in Benin is happening for the second time, in two months, in protest against scarce/high cost of buying fuel and naira swap induced cash crunch. 

A "Show of force" road parade and subsequent stationing of men of the Nigerian Army; Police Force and the Edo State Security Network (Vigilante) at flashpoints and strategic positions within the city yesterday led to an induced ceasefire.

The joint security patrol team were visible at the Oba Ovonranmwen Kings Square (Ring Road),  Sokponba Road; Sapele Road; Ekehuan Road and other key areas of town.

Protests, in hindsight, were not limited to Edo State. It rocked parts of Delta, Uyo, Ilorin and Oyo states. The rising unease associated with the processes of the cash swap policy, attendant cash crunch and angst in society already led to the institution of a legal suit at the Supreme Court of Nigeria  challenging the legality of the. Federal Government and Central Bank of Nigeria for phasing out of the old currency notes while suing for the continued use of such as legal tenders in the country. Already, some states are either aligning or challenging the suit filed by three northern governors, applying for joiners to the originating summons.

Making clarifications in a live broadcast today, Thursday, February 16, 2023, on the challenges of the currency swap and state of the nation, President Mohammadu Buhari stated, "To ease supply pressures particularly to our citizens, I have 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 N1000 banknotes for 60 days from February 10, 2023, to April 10 2023, when the old N200 notes ceases to be legal tender.

"In line with Section 20(3) of the CBN Act 2007, all existing old N1000 and N500 notes remain redeemable at the CBN and designated points."

Consequent to the upheaval, the Edo State government held a meeting with the CBN and POS operators to strategize on cash disbursement around the state. They made disbursements at markets based on earlier protests carried out by irate market women who lamented on the inability to trade due to the non availability of cash.

Government also directed all Edo City Transport Service (ECTS) buses also referred to as "Comrade bus" to provide free services to passengers, as a means of reducing the effect of the cash crunch experienced by the people. The directive which is applicable to all routes is effective till Monday, February 20, 2023, pending further announcement.  

Nonetheless, as at close of work today and time of filing this report, the buses were not visible on ground for said free service. There were few cars on roads. People had to trek long distances.

Earlier, a worker hurrying off to work  in the morning got halted by a police patrol car along Adesua Road and instructed jocularly, "Remove the leaves from your car, there is no protest today."

Though some private schools stayed off premises today, public schools were in session. The Open day appraisal session meant to enable parents interface with school authority to assess the  academic standard of their children held with few parents turning up.