The refusal of commercial banks to collect the old notes and pay customers has sparked protests in Akure, Ondo State.
Angering customers who had waited for several hours at the First Bank in Alagbaka started the protest.
In order to prevent attacks, other banks in Akure have closed their doors.
Barricades were used to block the road.
In an earlier report, some Nigerians still in possession of the old notes of N200, N500 and N100 notes on Tuesday morning stormed the Central Bank of Nigeria (CBN) in Akure, the Ondo State capital for cash swap.
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