It would seen silly to protest about a civic amenity. The city is largely a concrete jungle. Those who must live and/or work in such an environment are as entitled as anyone in suburbia or beyond to some quality of life free from motor vehicle emissions, noise and potential death through RTAs. Also, this is a prime (potential) tourist area with the college and the bank. No doubt alternative accommodation can be found for the taxi stand(s) if required, bearing in mind the significant reduction in the number of licensed taxis over the last few years. There should also be some thought given to safer, cleaner, environmentally friendlier forms of public transport such as (electric) scooters/bicycles, rickshaws, horse drawn hackney carriages, etc...
We coped with Grafton Street being pedestrianised, I dare say we'll cope with this too.