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 public.
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 told Punch correspondent that the Federal Government should issue more naira notes in order to stop confusing Nigerians.”
“They claimed to have redesign the naira, and the Central Bank of Nigeria ought to issue the new currency if they have. Why do they confuse people and move us backward? What will we do with the outdated currency? According to Muhammad Shuaibu, Secretary of the Independent Petroleum Marketers Association of Nigeria, Abuja-Suleja.”
“The Federal Government stated that it had instructed the CBN to destroy the old notes and that they were no longer lawful tender, he continued. So, starting to collect that money will be quite difficult from our perspective as businessmen.”
“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.|
“The banks, he claimed, “have not instructed us to gather the old notes, and even the new ones are not visible to us. The majority of the fuel we sell is done so through 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 where do the old notes originate? And if it weren’t for the network issues we have in Nigeria, this cashless policy would be the best, 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 stated, “Based on that ruling, we now have two types of N1,000 notes—old and new, as well as N500 notes. Which option is currently the real legal tender?
“Which statement should we believe—that the Federal Government has stopped using old notes or that the Supreme Court advised citizens to continue using them through December?”
If both are used, there will be two different types 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.
