Checks by Daily Trust indicate that the transportation system in Lagos has been badly hit by the absence of new naira notes in circulation with many people struggling to get cash.
Telescope.ng reports that the Central Bank of Nigeria (CBN) has fixed February 10 deadline to phase out the old notes.
Many people are unable to move from one point to another on account of not having cash at hand while most ATMs are filled to the brim.
A student who identified himself as Adebayo said he couldn’t go out because there was no cash to pay transport fares.
Speaking with Daily Trust, Alhaji Yusuf Sanni, a transport union leader in Lagos State said the transporters might be forced to take drastic action if the situation persists.
Sanni who is the NURTW scribe around Seme Border close to the Benin Republic told our correspondent that security agencies had stopped collecting old notes and prefer to be paid in CFA.
Meanwhile, a former Secretary to the Lagos State Government in the Second Republic, Chief Olorunfumi Bashorun, yesterday asked the CBN Governor, Godwin Emefiele, to resign immediately.
In a statement he personally signed, Bashorun who was a founding CBN staff retired as deputy director said the confusion had never happened in the history of the apex bank.
He said, “I have just read online a directive from the CBN governor that banks should pay a maximum of N20,000 out to customers on presentation of the teller.
“It is now clear that the CBN governor, Godwin Emefiele, is making a dangerous and destructive history for Nigeria. Since CBN was established in 1959 (and I was a foundation staff), no governor has taken Nigeria for a ride as Emefiele.
“The multiplier effect of his rather evil directive is to close down all businesses in Nigeria and further add to the hardship Nigerians are experiencing in recent times.
“I make bold to state that unless this oppressive directive is withdrawn within the next 48 hours, Nigerian masses will have no choice than to rise and compel the government to take positive action to reverse it.”