Ask Leo: can we accept Paper Money that is tore ?
First of all, the Central Bank of Nigeria has issue a new bank note in Nigeria given a date lines that all individuals, businesses should deposit the old bank notes and to collect the new ones, Money is a legal tender that is used in paying for services and in settlement of debt.
But there is this belief in the minds of people's that money that is tore isn't good to be accept in settlement for goods, I see it that, this peoples who go around with this ideology are not aware that as far the numbers design by central bank are still there in the paper money, it is still consider to be used in settlement of goods.
Because Money was created as a mediator between buyer and seller, which makes them able to determine the value of their products and on which prices it should be given for sell.
Money isn't a property of any man, rather one get money in settlement of products sold or purchase, those who are in control of money are the Central Bank, one only is in position of handling money because it is the right of that individual, then come to think of when one offer it for the exchange of products purchase or sold and the other party reject becuase it is tore, that is unlawful.
One do not have to reject any means of payment, as far that match the value of the products, be it paper money, digital money, because all are a means created to minimize conflicts in prices towards making individuals life easy and a successful transaction.
I went to a shop around my locality to purchase noodles and when I got there, the owner of the shop rejected one of his customer's money because it was tore, at first I did not want to say anything to them, because I was feeling tired but since they were taking time to come to an understanding, I went in and said, nothing is wrong with the money.
As far as it still has this numbers clearly seen, it would be accepted elsewhere, it is paper money, so it can mistakenly tore when handling by a careless person, but that does not mean you should not accept it, he took it from him and the case close.
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