WHEN THE CITIZENS REJECT THEIR LEGAL TENDER

ehiboss (68)in #life • 7 years ago (edited)

IMAGE CREDIT
Something funny happened today......
Okay to make this my explanation sweeter, let me take you back to yesterday. Yesterday, I was at the ATM to make a small withdrawal and to my greatest surprise, the machine brought out wrinkled notes.
So I just stashed it in my wallet and was like "after mass, I'll simply get a bottle of cold scheweppes plus digestive. I brought out a 1000 naira note for payment expecting to collect my change, when the lady returned the money saying the note had a tear close to the seal and she couldn't accept that.

I was like "But the machine gave me this note and I didn't have a choice!"

This is just a scenario which happens daily to some people. I mean how can a bullion van all the way from the central bank be guarding and carrying torn currencies to the automated teller machines?

The question is what happens to all the notes the central bank claims to destroy weekly? and what happens to the new ones being produced?

Occasionally one might be lucky enough to receive new notes at the ATM but the chances of such happening over here instead of 1/2 is now 1/5.
Traders, business people, etc now reject torn notes, knowing fully well that most times, the tearing which occurs on the notes is not the fault of the handler.
The though of this has led me to reflect on two questions which I have not found a suitable answer to

What will happen when the number of destroyed notes in circulation, currently being rejected, exceed the money needed for equilibrium in the economy of a geographical location?
Does the central bank of Nigeria not have enough statistical data to back distribution of currency
Has the data coalition system been compromised or they have not seen the need to look into the matter?

SLOUTION?

Before you get high hopes, this was more of a question than a statement.To attempt a solution, my initial three questions have to be answered. But the rate at which citizens now reject their legal tender in transactions due to damages not caused by the handler is alarming.

The funny thing is where does all the good notes go?

At this rate, it might get to a stage where 40-45% of the money being withdrawn will be rendered useless due to damages and this in turn will have a damaging effect of our total bank balance.