ABUSE OF NAIRA NOTE – BANK ARE TO BLAME FOR DIRTY NAIRA NOTES

ABUSE OF NAIRA NOTE – BANK ARE TO BLAME FOR DIRTY NAIRA NOTES

According to Okarafor, the banks are to blame for this problem. “Lower denomination notes have greater velocity of circulation, meaning they are frequently in use and get abused. Several factors account for the existence of worn out notes: The abuse mentioned above and the attitude of banks who fail to return them for reissue is another”.


He said, “The naira has suffered abuse from a majority of Nigerians. Today, we find some people spraying the naira in occasions, soiling it, writing on it, squeezing it while others are hawking it.
“The CBN spent a lot of money in the printing of this naira notes. We urge Nigerians to respect the naira and value it. Anyone caught abusing the naira will risk a jail term of six months or pay a fine of N50,000.”


He urged Nigerians to desist from home banking, and embrace online transfer system. The theme of the fair was titled, “Promoting Financial Stability and Economic Development.”

Facebook Comments

About author

Oludare J. Olusan
Oludare J. Olusan 249 posts

Publisher, Entrepreneur, Author and founder of The African portal / Presenter at The African Portal Radio / TV

You might also like

Entertainment 0 Comments

VILLAGE AFROBEAT : FEMI KOYA JAZZES UP AFRICAN TALES WITH HIS NEW ALBUM AND TOUR

Afrobeat singer and saxophonist Femi Koya releases his new album, Village Afrobeat, and presents it live on a national tour. Music composer and performer, versatile saxophonist and dynamic vocalist, Femi

Community 0 Comments

Nigerian Consulate suspends passport processing till further notice

The Nigerian consulate in Johannesburg released a press release to notify the general public, and Nigerians in particular, that effective Wednesday 18th March 2020, the Consulate General of Nigeria Johannesburg

Business 0 Comments

African airlines set to make almost R3bn loss in 2020

African airlines continue to suffer due to high costs and are projected to show a loss of $200m (about R2.9bn) next year, similar to the loss expected for 2019, according to the International Air Transport Association. The industry body said this is largely …

0 Comments

No Comments Yet!

You can be first to comment this post!

Leave a Reply