Oil marketers said on Monday that they have no interest in collecting the old naira notes from the public, despite claims that the Central Bank of Nigeria (CBN) has cleared the bills for the transaction. Deposit Money Banks have not issued any directive to oil marketers regarding the collection of the old notes.
Marketers of Premium Motor Spirit (petrol) and other petroleum products told our correspondent that, since the Federal Government has redesigned the naira, it should make the new notes readily available and stop creating confusion. “They said they have redesigned the naira, and if they have done that, then the CBN should release the new money. Why are they taking us backwards and confusing people? What are we going to do with the old money?” said Mohammed Shuaibu, Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abuja‑Suleja.
Shuaibu added that the Federal Government directed the CBN to destroy the old notes and declared them no longer legal tender. “As businessmen, it will be very difficult for us to start collecting that money. We will only begin collecting it from the public once we hear that banks have started the process. Until then, we will not collect any old money at our petrol stations,” he said. He noted that banks have not instructed them to collect either the old or the new notes, and that most fuel sales are now conducted through bank transfers and point‑of‑sale services, which are cashless.
The IPMAN official pointed out that President Muhammadu Buhari had ordered the CBN to destroy the old ₦1,000 and ₦500 notes, rendering them invalid. “So where are the old notes coming from? If not for the network problems we face in Nigeria, this cashless policy would be ideal,” Shuaibu argued. He stressed that if the Federal Government insists on the redesigned notes, it should ensure they are abundant and allowed to circulate.
Commenting on the Supreme Court judgment, Shuaibu said, “Based on that judgment, we now have two types of ₦1,000 notes—old and new—as well as ₦500 notes. Which one is the authentic legal tender? The Federal Government says the old notes are stopped, but the Supreme Court says people should transact with them until December. Which directive should we follow? Using both would mean two types of ₦1,000 and ₦500 notes in circulation, creating confusion. The CBN should clarify, and commercial banks should inform oil marketers to ensure a seamless flow of cash across the country.”
He concluded, “In our business, we do not want the old money again and will not collect it. However, if the banks asked us to collect the old notes, I would be the first to accept and deposit them. Honestly, there is no such request at present.”
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