Oil marketers reject old naira notes despite CBN directive

Notwithstanding assertions that the Central Bank of Nigeria had approved the bills for the transaction, oil marketers claimed on Monday that they were no longer interested in the old naira notes and would not collect them from the general people.

Also, it was learned that Deposit Money Banks had not yet given oil marketers any instructions about the collecting of obsolete naira notes.

Marketers of Premium Motor Spirit, often known as gasoline, and other petroleum products advised our reporter that the Federal Government should issue more naira notes in order to avoid confusing Nigerians.

“They claimed to have revamped the naira, thus the Central Bank of Nigeria need to issue the new currency if they have. Why do they confuse people and move us backward? Mohammed Shuaibu, Secretary of the Independent Petroleum Marketers Association of Nigeria, Abuja-Suleja, asked what would be done with the old money.

The Federal Government said that it had instructed the CBN to destroy the old notes and that they were no longer lawful money, he continued. So, starting to collect that money would be quite difficult from our perspective as businesspeople.

“Because we won’t begin collecting it from the public until we learn that banks have begun doing so. But as far as we’re concerned, none of our gas stations will accept any old currency.

He stated the banks “have not directed us to collect the old money, and even the new bills, we are not seeing them. The majority of the gasoline we sell is done so via cashless Point of Sale services and bank transactions.

Shuaibu contended that the old N1,000 and N500 notes had lost their legal tender status and that the President, Major General Muhammadu Buhari (ret. ), had instructed the CBN to burn them.

“Thus, from whence do the ancient notes originate? And if it weren’t for the network issues we have in Nigeria, this cashless policy would be the greatest, according to an IPMAN official.

He emphasized that the Federal Government should declare the newly designed notes surplus and allow them to circulate if it was adamant on using them.

In response to the Supreme Court’s ruling, Shuaibu said, “Based on that ruling, we now have two kinds of N1,000 notes—old and new, as well as N500 notes. Which one is the actual legal tender right now?

Which statement should we believe—that the Federal Government has ceased using old notes or that the Supreme Court advised citizens to continue using them until December?

If both are used, there would be two different kinds of N1,000 and N500 notes in circulation. Will this not lead to confusion? The CBN should inform us directly or inform the commercial banks.

In order to have a smooth flow of money across the nation, he suggested that the commercial banks should then inform the oil marketers.

“But, those of us in this industry don’t even want that old money again, and we aren’t going to collect it, as far as we are concerned.

“But, while I’m speaking to you, I would be the first to accept and deposit any old notes if the banks had requested us to do so. But to be honest, there isn’t anything like that anymore,” said Shuaibu.

Miniechat

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