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.”

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Oludare J. Olusan
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