Once again, protests have erupted in Nigeria over the lingering scarcity of the Naira, the country’s official currency. This time, videos circulating on social media show two banks set on fire in the Sagamu area of Ogun State.
Residents watched helplessly as Keystone and Union banks were engulfed in flames by angry youths wielding planks in protest, Investors King reports.
This recent protest comes barely a week after a similar incident in the Mowe-Ibafo area of Ogun State where many residents blocked the Lagos-Ibadan Expressway in protest of the worsening economic conditions caused by the naira scarcity. These protests are a reflection of the desperation and frustration felt by Nigerians who are grappling with the harsh economic realities of the country.
In a national broadcast last week, President Muhammadu Buhari announced that the old N500 and N1,000 notes were no longer legal tender in the country, adding to the confusion and uncertainty that has characterized the country’s monetary policy in recent years. The government has been trying to tackle inflation by introducing new banknotes, but the move has been met with mixed reactions from Nigerians.
While some believe the introduction of new banknotes is a necessary step towards modernizing the country’s monetary system, others argue that it will only worsen the situation by exacerbating the scarcity of the naira, which is already in short supply. Many Nigerians are struggling to get their hands on cash, leading to long queues at banks and ATMs.
It is important to note that while protests are a fundamental right in any democracy, it is crucial that they are peaceful and nonviolent. Burning banks and other public properties is not the solution to the country’s economic problems. In fact, such actions only serve to create more problems and hardship for the people.
Nigerians should be encouraged to express their grievances through legal and peaceful means, such as engaging with their elected representatives and voting in the upcoming elections. It is also essential that the government takes swift action to address the economic challenges facing the country and provide sustainable solutions to the naira scarcity problem.
The naira scarcity remains a pressing issue that requires urgent attention from both the government and the people. While protests can be a catalyst for change, they should be conducted peacefully and with the aim of finding sustainable solutions. The government, on the other hand, must do everything within its power to address the root causes of the problem and provide economic relief to Nigerians.