Citizens of Ondo State called to stop the new naira exchange policy of the Federal Government, saying it has brought them untold hardship.
Following pockets of protests in the country, banks have closed their doors to customers due to the shortage of new naira notes.
Even the recent statement by the Supreme Court that old notes remain legal tender beyond February 10 was not affected by the crisis.
Since Tuesday, banks have provided only bare-bones services, shutting down when they run out of cash.
On Thursday, commercial banks are not open.
A First Bank employee spoke to this reporter in confidence, fearing reprimand because he did not expect to speak to reporters about the issue.
“Today (Friday) I didn’t go to work because I didn’t open my business,” he said.
“The reason is that we don’t have the cash and we have to close, that’s what we’re told.”
Despite residents complaining about excessive charges by POS operators, it is becoming difficult to get money from these operators.
Many have closed due to lack of cash.
“I have gone up and down just to withdraw even though it is N5000, but they complain that they do not have money,” Rahman Adeyinka, a resident of Oda town said.
“Like now, if I see old money, I will collect it, but no one is ready to give anything.”
Business is worse as shop owners say they are not getting patronage.
Janji Olawale sells electrical accessories in Ilekun. He said he hasn’t made many sales since this week.
“Those who have cash now only think about what to eat and not how to fix the cable in their house,” he said.
“Even if you have money, you don’t want to spend it because you don’t know where you will get more. So I just wait until this election is over,” Olawale said.
The additional plague of fuel shortages has worsened the situation. Marketers sell petrol at N400 per liter when available.
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The Ondo State Government has reacted to the situation by suing the Federal Government at the High Court, seeking the reversal of the new naira policy.
He said that economic activity in the country is non-existent, coupled with the inability to finance the activities of ministries, departments and agencies.
The legal action followed a court case before Kaduna, Zamfara and Kogi States against the Federal Government, on the deadline for the expiry of the old Naira notes as legal tender.
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