The Central Bank of Nigeria failed to clarify the legal tender status of the old notes, which made the problem around the naira redesign worse. This occurred when the states and the Federal Capital Territory continued to experience a scarcity of brand-new notes.
Godwin Emefiele, the governor of the Central Bank of Nigeria, disallowed any more extensions of the deadline for the phase-out of the previous N1,000, N500, and N200 notes. However, Emefiele made no mention of the old naira notes’ position as legal money.
Massive demonstrations broke out as consumers’ old notes were turned away by commercial banks, gas stations, and retailers in several areas of the nation. Less than 24 hours before the hearing of the lawsuit brought by Kaduna, Kogi, Zamfara, Ondo, and other states challenging the CBN’s demonetisation policy, he refused to extend the deadline.
As the Supreme Court begins hearing the matter, the Attorneys-General of the applicant states were anticipated to deluge Abuja. Ondo citizens stormed the state office of the CBN in the Alagbaka neighbourhood of Akure to vent their ire over being unable to exchange their old naira notes for the new ones, feeling the pain brought on by the cash scarcity.
However, in defiance of an earlier order from the top bank, its representatives in Akure declined to collect old naira notes from locals. Additionally, some protesters blocked traffic on the Lagos-Abeokuta Expressway in the Sango-Ota region. We might perish if our money is rejected as legal currency.
The protesters at the Sango-Ota Automated Teller Machines on the Lagos-Abeokuta Expressway complained that they were unable to make cash withdrawals. They lit bonfires on both sides of the road, which resulted in severe traffic congestion.
A demonstration in Abuja by proponents of the new naira policy turned violent when hoodlums broke into the area and attacked the demonstrators. The demonstrators were assaulted with cudgels, axes, and other hazardous objects as they marched to the office of the Attorney-General of the Federation.