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Why We’re Not Accepting New Naira Notes – Traders

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Six days after the new naira notes went into circulation, some traders are still finding hard to accept it as legal tender, the News Agency of Nigeria reports.

The newly-redesigned N1,000, N500 and N200 bills became legal tender on December 15, 2022.

The Central Bank of Nigeria Governor, Godwin Emefiele, on October 26 announced plans to redesign the denominated notes, saying the old notes would cease to be legal tender by Jananuary 31, 2022.

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READ ALSO: Just in: CBN Releases Security Features Of New Naira Notes [PHOTOS]

He said the reason for the currency redesign was to stop counterfeiting and hoarding.

A food vendor at Cele-Egbe bus stop, Egbe, Alhaja Sofiat Balogun, said that she would not accept the new notes just yet.

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“People say that the money is not fine and they that it is not everywhere yet, I will not accept it until I see that it is fully in circulation.

“I do not want to start accepting it and when it’s time for me to spend it, it will be difficult for me.

“And secondly, I have seen on social media a video of a fake new note of N1000, this makes me even more afraid to accept it,” she said.

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A fruit seller in Ili-ewe market, Egbe, Mrs Eme Jackson, said the reason she had refused the money is that the notes are too light.

“I prefer the old notes because it is very durable, no matter how you handle it, it will still remain strong, unlike the new one.

“The moment I saw it, I told my children not to accept it, even in my absence,” she said.

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Also, a phone technician, Mr Ozuome Benedict, urged the apex bank to do a proper awareness on why they should accept the new notes.

I do not have a problem accepting the new notes, the CBN should sensitise the people because so many are not aware that there’s a new note, that is why it is not accepted,” he said.

Meanwhile, NAN’s visit to some ATM machines around Ikotun, Ejigbo and Oshodi, showed that old notes were still being dispensed to customers.

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A visit to one of the banks, a Teller told a customer who wanted to withdraw N100,000, that she could only be paid N20,000 in new notes and N80,000 in old notes.

But, when the customer asked why she wouldn’t completely pay her with the new notes, she (teller) told her that she was acting on instruction.

READ ALSO: How To Identify Fake Naira Notes

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“I’m sorry to tell you that you can only have N20.000 of the new notes. This is an instruction given to us by the CBN,” the Teller said.

However, NAN’s visit to Zenith Bank ATM on Eric Moore, observed that the machine was dispensing the new notes of N500 and N200.

Some customers who saw the new notes for the first time, expressed mixed feelings as they passed the N500 bill from one hand to another in admiration.

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Why Nigeria’s Crude Oil Production Dropped To 1.63mbpd In August – NUPRC

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The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has explained that unscheduled maintenance at a refinery facility made Nigeria’s crude oil production drop on a month-on-month basis in August.

This comes as Nigeria’s crude oil production dropped to 1.63 million barrels per day month-on-month in August, down from 1.71 million bopd in July.

NUPRC disclosed this in its Crude Oil and Condensate Production for August 2025, released on Saturday.

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This means a 4.7 per cent drop in combined crude oil and condensate production from 1.71 million bopd in July.

READ ALSO:Marketers Get Dangote’s Free Fuel Supply

In the same vein, crude oil production itself declined by 4.8 per cent, down from 1.5 million bopd in July 2025.

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The month-on-month drop was driven by a single-day unscheduled maintenance at an oil facility.

“In the month of August, the lowest and peak combined crude and condensate production were 1.59 million bopd and 1.85 million bopd, respectively,” NUPRC said.

The data showed that while there was a decline month-on-month, the country’s crude oil production rose on a year-on-year basis by 5.5 per cent to 1.63 mbpd in August this year from 1.58 million bopd in the same period last year.

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READ ALSO:‘We Like Greek Gifts,’ Nigerians Blast NUPENG Over Dangote’s Fuel Price Reduction

Further analysis indicates that daily condensate production in August stood at 197,229 bpd, reflecting a decline.

Also, Nigeria’s crude oil output in August achieved 96 per cent of its OPEC quota, which is set at 1.5 million bopd.

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Accordingly, in the period under review, Forcados Terminal topped the production charts, delivering a total of 8.99 million barrels, including 8.08 million barrels of crude oil and 915.2k barrels of condensates.

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Marketers Get Dangote’s Free Fuel Supply

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Marketers on Friday confirmed that Dangote Refinery’s compressed natural gas-powered trucks have started delivering fuel to their stations at no cost to them.

The National President of the Independent Petroleum Marketers Association of Nigeria, Abubakar Shettima, confirmed this to our correspondent in an interview on Friday.

Recall that Dangote Refinery rolled out over 1,000 CNG trucks on Monday, saying the entire 4,000 would be in the country before October.

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The direct fuel distribution scheme was initially scheduled to commence on August 15, but was delayed due to logistics challenges in China.

READ ALSO:Dangote Refinery Reduces Fuel Price Nationwide, Provides Update On Petrol Distribution

A total of 4,000 CNG trucks were ordered from China for delivery in Lagos. However, the plan was stalled as there were insufficient vessels to transport the trucks.

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Speaking with our correspondent, the IPMAN president said independent marketers in the South West have started receiving the trucks in their stations to offload petroleum products.

Shettima said only registered marketers can receive the free delivery from Dangote Refinery.

He said the stopping of fuel sales to unregistered marketers by the refinery is not a big deal, as marketers can register on the Dangote portal anytime they are ready.

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READ ALSO:‘We Like Greek Gifts,’ Nigerians Blast NUPENG Over Dangote’s Fuel Price Reduction

“If you don’t register, your name will not appear on the system unless you register through the portal, which the company has been announcing for a long time. But marketers can register at any time, even at night, because it’s not difficult. You will just input all your information and register. So, that one is not an issue at all,” Shettima said.

He told our correspondent that marketers in Lagos, Ogun and Ondo have confirmed the receipt of Dangote’s logistics-free fuel.

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“Dangote has started the free delivery. Already, the trucks have started moving. In most parts of the Western Zone, they have already started discharging their products, since it is closer to Lagos. So the plan is moving seriously. And my marketers are very pleased with the development.

“I can confirm to you that my members have started receiving the trucks in Lagos, Ondo, Ogun, Ibadan and others,” Shettima stated.

READ ALSO:NUPENG Accuses Dangote Of Breaching Agreement, Says Nationwide Strike Inevitable

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Speaking on the price, the IPMAN boss explained that prices would drop from N865 to N841 the moment petrol gets to the stations under the new arrangement.

“The prices have started coming down; even here now, when you push it to Abuja, you will see the price reduction. Wherever he discharges, all the independent marketers, anywhere he discharges, you will see there will be a price change.

“The MRS filling stations have started reducing prices, they have with independent petroleum marketers. Any marketer who applies for the product and receives it will reduce the price,” he stressed.

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Dangote Fuel Sells Cheaper In Togo Than In Nigeria – Falana Laments

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Human rights activist Femi Falana, SAN, has lamented that fuel taken from Dangote is cheaper in Togo than in Nigeria.

Falana expressed his concerns on Sunday while responding to questions in an interview on Politics Today, a programme on Channels Television.

He urged the federal government to review the proposed 5 per cent fuel surcharge and ensure that further hardship is not imposed on Nigerians.

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READ ALSO:Dangote Refinery Reduces Fuel Price Nationwide, Provides Update On Petrol Distribution

“I guess the government wants to go back to the drawing table and ensure that it is not accused of multiple taxes or double taxation because consumers will pay VAT for buying fuel. They will now put an additional 5 per cent tax.

“I think this is what Nigerians are complaining about. And from what we just read today is that the Dangote fuel taken from Nigeria is now cheaper in Togo than in Nigeria I think about 65 naira.

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“So, the government will have to review these developments (the proposed 5 per cent fuel surcharge) and ensure more hardship is not imposed on Nigerians,” he said.

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