Naira Swap: Confusion Deepens as Filling Stations, Others Reject Old Notes as CBN Remains Mute

Naira Swap: Confusion Deepens as Filling Stations, Others Reject Old Notes as CBN Remains Mute

  • Reports state that it is getting more challenging for the people of Nigeria to survive each passing day owing to the cash scarcity
  • Especially with the latest CBN naira redesign policy, the groaning is in every aspect, considering the scarcity of the new notes
  • While the CBN remains mute following the February 10 deadline, some filling stations, supermarkets, are other business outlets are already rejecting the old notes

Some filling stations and other commercial institutions in the Federal Capital Territory, Abuja, on Friday, February 10, rejected the old Naira notes with the argument that today marks the end of the old notes as legal tender.

This is coming despite an ex-parte order by the nation's apex court, the Supreme Court, stopping the Central Bank of Nigeria from going ahead with its financial policy of ending the reigns of the old versions of Naira notes.

Recall that the CBN had been asked through an order ex-parte by the Supreme Court to suspend the deadline fixed for the 10th of February of holistically phasing out the old Naira notes of N200, N500, and N1000.

CBN, naira scarcity, Godwin Emefiele
Filling stations and other business outlets now reject the old naira notes as CBN remains mute. Photo credit: Central Bank of Nigeria
Source: Getty Images

Naira swap: Nigerians living in uncertainty

Since the order, Nigerians have yet to determine what will happen after today's deadline. Will Nigerians continue to buy and sell with the old notes? This will be determined by the final pronouncement of President Muhammadu Buhari and the CBN Governor, Godwin Emefiele, after the Security Council meeting in the Aso Villa ahead of the coming election.

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Some filling stations reject old notes

A trip to some filling stations in Abuja on Friday by revealed that most filling stations would prefer using POS or transferring before petrol is dispensed to customers.

At the A. A Rano, along the Kubwa expressway, Abuja, attendants and the management turned down the old notes, saying all purchases must be made either with the new notes or via transfer or their POS.

An attendant who spoke anonymously said he was only carrying out his job. According to him, he had been instructed to reject old Naira notes since there is no new directive from the CBN on its deadline.

"I'm only doing my job. This is what I have been instructed to do. Today is the deadline for the old Naira notes to be used as legal tender. I'd we collect them from you and maybe banks refuse to collect them from us, what are we going to do?"

Also, the situation was the same at AYM Shafa along the Dutse-Bwari road. Attendants refused to take the old Naira notes. This led to a severe argument between customers and the attendants. Only the Total filling station at Area 3 was seen collecting the old Naira notes on Friday afternoon.

Our correspondent could not confirm if some of the filling stations continued to accept the old notes before the close of work on Friday.

Federal Government obeys court order

Meanwhile, the Nigerian government has confirmed that it will obey the order of the court pending the determination of the suit on February 15.

Speaking on Arise TV on Thursday, February 9, Abubakar Malami, the Attorney General of the Federation and Minister of Justice said there is no doubt that the government will abide by the ruling.

He said:

"So the issue of obedience to the ruling of the Supreme Court is out of it. We are wholeheartedly in agreement that naturally, we are bound by it and will comply accordingly.
"But within the context of compliance, we shall challenge the ruling by way of filing an application seeking for it to be set aside, it is all about the rule of law.”

In a matter of days, it will become quite clear if the old Naira notes will continue to be legal tender or not.

Naira swap: Former lawmaker exposes politicians, explains why some are calling for extension of CBN's deadline

A former lawmaker, Shehu Sani, has alleged that some top politicians and those contesting for various positions in the forthcoming election want to be involved in vote-buying.

Sani, the lawmaker who represented Kaduna central in the Eighth Senate said these unnamed politicians want to buy votes with old notes.

Obviously reacting to the Supreme Court Ruling which suspended the February 10 deadline for the Central Bank of Nigeria's new money policy implementation, the activist that is the only available reason for a push for an extension.

CBN to reveal next move as Supreme Court halts banning the use of old naira notes after Feb 10

The Central Bank of Nigeria (CBN) will have to make a decision in the next few hours following a decision from the Supreme Court to halt the phasing out of old N1000, N500, and N200 notes by February 10, 2023.

Justice John Okoro, who presided over the Supreme Court panel on Wednesday, February 8, restrained the federal government from suspending, deciding, or discontinuing the usage of old naira notes until it decides after an application from three northern governors. had reported that three northern states had specifically applied to the Supreme Court to allow the use of now older naira notes after CBN's deadline date.


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