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13 May 2021

Nigeria Stopping the Rejection of Old or Torn USD Notes Underlines Why Crypto Is a Better Reserve Currency – Featured Bitcoin News

Nigeria Stopping the Rejection of Old or Torn USD Notes Underlines Why Crypto Is a Better Reserve Currency – Featured Bitcoin News


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Nigeria Stopping the Rejection of Old or Torn USD Notes Underlines Why Crypto Is a Better Reserve Currency – Featured Bitcoin News.

In early April 2021, the Central Bank of Nigeria (CBN) issued a circular warning Nigerian institutions to stop the practice of rejecting old or lower denomination USD notes.

The CBN issued the warning after it became “inundated with complaints from members of the public on the rejection of such notes by banks and other authorized forex dealers.”.

Yet despite these assurances, torn or worn out USD notes continue to be rejected by businesses and the general public.

dollar is a widely accepted alternative to the local fiat currencies, it is such shortcomings that make cryptocurrencies an even better option?

For instance, in addition to being immune to local inflation and depreciation, crypto assets like bitcoin (BTC) or bitcoin cash (BCH) enable users to pay for any amount without worrying about the lower denomination dollars or torn notes they might get as change.

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Why Fiat Experts Don’t Get Bitcoin
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