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

Life & Style 0 Comments

ITHALA RENEWS DUNDEE JULY SPONSORSHIP

Preparation for the 2018 Dundee July is in full swing and Ithala Soc Limited this week confirmed its support for the event as its official banking partner. It is the

ABIKE DABIRI – YOUTHS NOW MIGRATE OUT OF NIGERIA THROUGH SEA

The Senior Special Assistant to the President on Foreign Affairs and Diaspora matters, Abike Dabiri-Erewa, yesterday said Nigerian youths now migrate to European countries via sea, to seek greener pastures.

NIGERIA HIGH COMMISSION IN SOUTH AFRICA RESPONDS

The Nigeria High Commission in South Africa has responded to the recent attacks on foreigners including Nigerians and their businesses by South Africans. The High Commissioner, Ambassador Kabiru Bala in

0 Comments

No Comments Yet!

You can be first to comment this post!

Leave a Reply