Panic as petrol stations in Lagos reject old Naira notes

There were indications of palpable fear in Lagos as some petrol stations on Tuesday rejected old Naira notes for payment of purchase of their products. National Daily monitoring Reporters found that several customers were caught unaware  when they were told by station attendants that the management no longer accept old Naira notes.

A commercial bus driver at Ogba, an outskirt of Ikeja metropolis, told National Daily that he collected the old notes from the customers that he was conveying on transit but got to the petrol was told that they no longer receive old notes. The driver said that he had one piece of the redesigned N1,000 note and had to use it to buy petrol at the station. He did not turn back the passengers in the bus either but continued the journey. He, however, said that the drivers may no longer accept the old notes from passengers from Wednesday.

Some private car owners at a petrol station along Agidimgbi, Ikeja, also frowned at the sudden rejection of the old Naira note at a petrol station. Speaking to National Daily, the car users complained that the Central Bank of Nigeria (CBN) has not supplied sufficient redesigned Naira notes, questioning why the petrol stations were in a hurry to commence the rejection of the old notes.

Several people considered the rejection of the old Naira notes as disregard of the judgement of the Supreme Court of Nigeria which in an interim order restrained the CBN from enforcing the deadline. They told National Daily that hearing on the appeal by the Federal Government is holding on Wednesday, arguing that the outcome of the Wednesday sitting of the apex court would determine the faith of the old notes. According to them, “almost everyone is waiting for the Supreme Court sitting on Wednesday on the redesigned Naira notes.”

Meanwhile, National Daily gathered that some banks in the southeast and Ogun State have commenced the rejection of the old Naira notes, including petrol stations in several other states.

However, a female PoS operator at Ishaga told National Daily that she would continue to trade with the old notes, complaining that she complied with the earlier directives of the CBN to deposit all old notes with the bank, and since then her money was trapped. She said that she had to raise money from  the sales of other commodities in her retail shop to raise money to resume the PoS business, insisting that she will not fall victim a second time.

National Daily investigation further discovered that the CBN extension of the deadline for the Naira notes swap made no difference. There was no improvement in the supply of the new Naira notes, while banks were forced to close normal services or provider limited services, people were purchasing the old notes from various sources, including petrol stations. National Daily also discovered that there are still more old Naira notes in circulation in major cities than the new notes. Apparently, sudden rejection of the old notes would mean huge loss to those people still trading in the old Naira notes, and may not have the knowledge of complying with the CBN guidelines for returning the old notes through its branches at teh end of the deadline.

There is the overarching assumption on the streets that the new Naira notes were diverted to politicians and big customers of the various banks by the bank managers. Most people, then, argued that the goal of the sudden Naira redesign has been defeated. Some others also expressed pessimism that the 2023 general elections may not be free, fair and credible, saying that the Naira notes redesign and the scarcity of money in the country may be a plot to scuttle or manipulate the electoral process by the ruling party.