Protests have broken out in parts of southern Nigeria as anger mounts over the scarcity of cash following the central bank's controversial decision to scrap old banknotes and to replace them with new ones that are not widely available.

The local Vanguard newspaper reports that Benin City is in shutdown, with protesters attacking banks and destroying ATM machines.

Two people are feared dead after the security forces foiled an attack on the local offices of the central bank, the newspaper reports.

It has posted a video of the protests on Twitter.

Protest in Benin over non availability of new naira notes and people not collecting old naira notes pic.twitter.com/OFqQ5TPzqd

— Vanguard Newspapers (@vanguardngrnews) February 15, 2023

Protests have also taken place in Ibadan city, where major roads were blockaded with burning tyres and banks, shops and other businesses were shut.

Local journalist Remi Feyisipo told AFP news agency that protesters were angry because traders, petrol stations and transporters were rejecting the old notes for transactions.

The Vanguard reports that anger also boiled over in Delta State's Udu local government area, where police fired shots into the air to disperse protesters.