Oil Marketers Reject Old Notes Despite CBN’s Directive, Calls For New Naira Notes

The Central Bank of Nigeria (CBN) has been asked to make available the new N200, N500 and N1000 naira notes to the public and stop confusing the masses.

mNaija reports that this is as the Marketers of Premium Motor Spirit, popularly called petrol, and other petroleum products have disclosed that they won’t be accepting the old naira notes from the public despite the new CBN directive.

According to them, Deposit Money Banks are yet to communicate any directive concerning the collection of old notes to oil marketers.

Therefore, they have insisted that until the commercial banks tell them about the collection of the old notes, which would enhance a seamless flow of cash across the country, then they can act.

This online news platform gathered that the Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN) in Abuja-Suleja, Mohammed Shuaibu told The Punch “They said they have redesigned the naira, and if they have done that, then the Central Bank of Nigeria should release the new money. Why are they taking us backwards and confusing people? What are we going to do with the old money?

“The Federal Government said it had directed the CBN to destroy the old notes and that the notes cease to be legal tender. So as far as we are concerned, and as businessmen, it will be very difficult to go ahead and start collecting that money.

“For it is until we hear that banks have started collecting it before we will start collecting it from the public. But as far as we are concerned, we will not collect any old money from any of our petrol stations.

“Banks have not told us to collect the old notes, and even the new notes, we are not seeing them. Majorly the fuel we are selling is through bank transfers and Point of Sale service, which is cashless.”

While reacting to the judgement from the Supreme Court, the IPMAN official queried that where the CBN would get old notes to recirculate after President Muhammadu Buhari already said he gave directives to the apex bank to destroy the old N1,000 and N500 notes.

Shuaibu submitted that “So where are the old notes coming from? And if not for the network problem we encounter in Nigeria, this cashless policy is the best.

“Based on that judgement, we now have two types of N1,000 notes – old and new, as well as N500 notes. Now, which one is the authentic legal tender?

“The Federal Government said it had stopped the old notes, and the Supreme Court said people should transact with it till December, please, which one should we follow?

“If we are going to be using both, it means we will have two types of N1,000 and N500 notes in circulation. Is this not going to create confusion? The CBN should come out and tell us, or tell the commercial banks.

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

“However, as I’m talking to you now, if the banks had asked us to collect the old notes, I will be been the first to accept it and deposit same in the banks. But honestly, there’s nothing like that now.”

You might also like

Leave a Reply

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More