At least three banks were burnt on Monday as protest over scarcity of new naira notes rocked Sagamu area of Ogun State.
The police spokesperson in the state, Abimbola Oyeyemi who confirmed the development said Union Bank, First Bank and Keystone Bank branches were attacked by protesters on Monday.
He, however, said policemen have been deployed to the area to quell the situation.
Similar protests broke out across states in Nigeria amid scarcity of new naira notes and petrol.
Banks and Automated Teller Machines (ATMs) were vandalised by aggrieved citizens whose moneys are trapped in the banking system.
President Muhammadu Buhari last Thursday banned old N500 and N1,000 notes and extended the validity of old N200 notes till April 10, 2023.
At least 10 governors have approached the Supreme Court to step aside the directive of the President in the case set to hear on February 22.
The cash crunch and consequent riots come just a few days to the February 25 Presidential and National Assembly elections, spreading fears about the safety of voters on Saturday.
The police and other security agencies have however assured citizens of maximum safety amid the polls.