Nigeria stops the rejection of used or torn banknotes, highlighting why crypto is a better reserve currency

In early April 2021, the Central Bank of Nigeria (CBN) issued a circular urging Nigerian institutions to stop rejecting old or lower USD banknotes. CBN issued the warning after "the public was flooded with complaints about the rejection of these securities by banks and other licensed forex brokers." Rejection of damaged or stamped US dollar banknotes In a circular issued by Ahmed Umar, director of CBN's foreign exchange operations department, the central bank said that “it will impose sanctions on institutions that reject old serial / dollar banknotes from their customers. Nigeria, by the way, is not the only African country affected by inflation and facing this difficult situation. At one point, the US Embassy in Harare had to issue a statement assuring the Zimbabwe that all US banknotes were legal. He stated that the original ticket A banknote that is chipped, fragmented, soft, torn, or worn that clearly exceeds its value requires special examination to verify its value. determining is not considered injured. This message was later reaffirmed by the Central Bank of Zimbabwe (RBZ) in December 2020 while trying to terminate the application. Despite these guarantees, worn or damaged USD banknotes continue to be rejected by businesses and the general public. In addition, this constant rejection of old and used USD banknotes has created a new black market for these currencies. Some Zimbabwean currencies are traded, as noted in a report

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