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Fuel stations reject old Naira notes in Lagos

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Traders, petrol filling stations, and commercial drivers in Lagos have started rejecting the old naira notes as the Central Bank of Nigeria’s (CBN) February 10 deadline ends today.

Recall that Fedredsnews had earlier reported the CBN announcement of February 10, 2023, as the deadline for the validity of the old currency notes, but also added that Nigerians would still be able to deposit the notes directly with the CBN until February 17, 2023.

In a move to override the apex bank’s decision, the supreme court, temporarily restrained the federal government from banning the use of the old naira notes from February 10.

Going by the supreme court order, which the federal government had said it would obey, Nigerians can continue to use the old notes until February 15, when the verdict would elapse.

This notwithstanding, most of the petrol stations visited by our reporter refused to sell fuel to those who came with the old Naira notes.

In Ikorodu area of the state, the ConOil Station adjacent the Lagos State University of Science and Technology, LASUTEC, sold fuel to those who had the new Naira noted or those who came with their ATM cards

The Station Manager, who refused to disclose his name said the order “came from above”.

At MRS station along Agege Motor Road, the story was almost similar. The lone attendant agreed to accept the old notes, on the condition that he would be paid N1,000 for every N10,000 worth of fuel bought. He refused to sell fuel to those who could not accept his condition.

Speaking to our undercover reporter, the fuel attendant said his boss instructed them not to accept the old notes because “nothing is certain in Nigeria of today”. when reminded of the Supreme Court ruling which barred the federal government from banning the use of the old Naira notes, he argued that the CBN is different from the CBN.

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