Nigerian Central Bank Warns Counterfeiters as Residents Reportedly Grapple With Cash Shortages
(https://i.imgur.com/sDAz9zKm.jpg)
As Nigeria grapples with cash shortages, the country’s central bank warned of the presence of counterfeit, higher-denomination naira banknotes. The bank has urged members of the public to report anyone suspected of falsifying or counterfeiting... See more for yourself here (https://news.bitcoin.com/nigerian-central-bank-warns-counterfeiters-as-residents-reportedly-grapple-with-cash-shortages/).
Your opinion is greatly appreciated.
Nigerian Central Bank Warns Counterfeiters as Residents Reportedly Grapple With Cash Shortages
(https://i.imgur.com/sDAz9zKm.jpg)
As Nigeria grapples with cash shortages, the country’s central bank warned of the presence of counterfeit, higher-denomination naira banknotes. The bank has urged members of the public to report anyone suspected of falsifying or counterfeiting... See more for yourself here (https://news.bitcoin.com/nigerian-central-bank-warns-counterfeiters-as-residents-reportedly-grapple-with-cash-shortages/).
Your opinion is greatly appreciated.
The issue of counterfeiting is something that can't be easily corrected, sorry to say. Nigeria, as a country, is riddled with problems across all sectors. The decision to change the nation's currency, while a common practice, initially neglected necessary protocols, possibly due to political motivations during the previous federal election.
Ideally, when a nation's currency is due for a change, new bills are printed and gradually introduced into circulation before phasing out the old ones. This is a standard protocol applied in every country.
And also, I believe the government has neglected to promote e-money, the electronic form of the naira, which could have alleviated the pressure on paper notes. Fortunately, citizens now have digital money options from companies like Opay and Palmpay, although the federal government services lag behind.
Sorry to say, I doubt many citizens would trust the government's word, leading them to handle counterfeit money incidents independently by rejecting such currency. If in possession of counterfeit money, individuals may opt to discard it themselves.
Nigerian Central Bank Warns Counterfeiters as Residents Reportedly Grapple With Cash Shortages
(https://i.imgur.com/sDAz9zKm.jpg)
As Nigeria grapples with cash shortages, the country’s central bank warned of the presence of counterfeit, higher-denomination naira banknotes. The bank has urged members of the public to report anyone suspected of falsifying or counterfeiting... See more for yourself here (https://news.bitcoin.com/nigerian-central-bank-warns-counterfeiters-as-residents-reportedly-grapple-with-cash-shortages/).
Your opinion is greatly appreciated.
These counterfeit currencies has spread to many place within the country, even in my area a man selling provision store was duped with counterfeit naira notes, and when he found out that the money where fake notes, he broke down, over 40thousand naira.
Stay safe out there guys, and I also think that the government should take actions to eradicate these counterfeit notes. And also i think that cryptocurrencies can play a very vital role in doing that.