The Akarigbo of the land of Remo, Babatunde Ajayi, has urged people in the area to continue accepting old naira notes, after protesters torched two bank branches near his palace in Sagamu on Monday.
The protest was due to the difficulties derived from the shortage of new bills and the increase in the price of the gasoline pump.
The protesters started by burning tires on the highways, but then set fire to the banks, plunging the city into chaos.
The razed banks are located about 300 meters from the traditional ruler’s palace.
The protest had started peacefully in front of the palace, but turned violent after security officers arrived on the scene.
In a statement after the riots, the traditional ruler said: “I call on everyone to remain calm and peaceful as we continue to engage the Federal Government.
“This policy is not from the state or local government. Therefore, the destruction of life and property will only aggravate an already bad situation.
“I urge our people to continue accepting the old bills in accordance with the Supreme Court ruling. No person who accepts the old bills would lose out. I can assure you of that, and please hold on to that promise.”
“Furthermore, I also demand that all of our people in the market continue to accept the old bills. I hereby pledge that no one will lose out by owning the old banknotes.”
Protests have been going on especially in Abeokuta, the state capital, for about two weeks over the cash crisis.
On Friday, PREMIUM TIMES reported how protesters blocked the Mowe axis of the Lagos-Ibadan highway.
A youth leader in the state, Kayode Segun-Okeowo, described the act as “motivated destruction and not a protest.”
Speaking to reporters, Segun-Okeowo said: “This is not a protest. I am a comrade and I understand the ABC of the protest. He is motivated to cause destruction. Those behind this need to stop.”
The youth leader urged the government to prosecute the “evil sponsors of these destructions.”
On Sunday, police had alleged that some individuals planned to cause a disturbance of the public peace in the state by taking improper advantage of the nation’s persistent cash and fuel shortages.
Police said they had an intelligence report that mayhem planners could attack banks and other public and private infrastructure in the state.
State police spokesman Abimbola Oyeyemi said Police Commissioner Frank Mba spoke at a confidence-building patrol conducted by police and other security forces on Saturday.
“The CP further noted that the intelligence available to the Command indicates that some criminal elements plan to take advantage of the difficult economic situation to disturb the peace enjoyed in the State,” said Mr. Oyeyemi.
He said Mr Mba warned that the police would not allow criminals to hide under any pretext “to wreak havoc on residents, private and public property and critical national infrastructure, including banks and Electoral Commission offices. National Independent (INEC)”.