COMRADES, does this Australian policy on currency reasonable or helpful?

Any banknote can be torn apart but it will still remain a means of payment! The value of any banknote's part the square of which is no less than 20 per cent and no more than 80 per cent, is equal to the half of the value of the original note.

Mikespecialone:
Any banknote can be torn apart but it will still remain a means of payment! The value of any banknote's part the square of which is no less than 20 per cent and no more than 80 per cent, is equal to the half of the value of the original note.

This applies to Naira too?

Zonefree:

This applies to Naira too?

Definitely yes

Unless policy
What now happens when you divide the half into two? It now becomes 2.5$

Cancri:
Unless policy
What now happens when you divide the half into two? It now becomes 2.5$

I don't know oo

Mikespecialone:


Definitely yes

In Nigeria? I doubt

for naija,na to dey carry scissors waka,tear money if change no dey

Melagros:

In Nigeria? I doubt

No need doubt ham my Broda, those days na filling station people Dey pack torn and shattered money go ,even the one wey the number don tear comot and filling stations go carry those money go bank but the koko be say those teared currency must still have it serial number on it ..... I have work in a filling station before and I know how it works

Bankers in the house can put more light on it

Mikespecialone:
Any banknote can be torn apart but it will still remain a means of payment! The value of any banknote's part the square of which is no less than 20 per cent and no more than 80 per cent, is equal to the half of the value of the original note.

Abeg,rephrase this thing

Learning thread

EmperorCaesar:



Abeg,rephrase this thing

Money wey tear but the serial number and amount still Dey ontop ham is valid ... If you carry ham go bank , dem go collect ham or give you new one rather

EmperorCaesar:



Abeg,rephrase this thing

Lolz simply said ..
The torn piece must be more than 20% or less than 80% of the original size.
Then the value will be 1/2.
That is a torn 40% 1000 naira note is legally worth 500 naira

Mikespecialone:


Definitely yes

even banks sometimes reject a ton note

Mikespecialone:


Definitely yes

dey play

We should just print as much naira as we need and distribute to every one living in Nigeria. Yes it might temporarily cause more inflation but at least hardship is less.

If dollars rate rises, we should just print more naira to buy us as much dollars as we want. Over time, everyone will have enough naira to buy dollars at any rate where we find it. Just print more naira faster than the rate of dollars rise. Then use the naira to buy up all the dollars in the market.

cjrane:
We should just print as much naira as we need and distribute to every one living in Nigeria. Yes it might temporarily cause more inflation but at least hardship is less.

If dollars rate rises, we should just print more naira to buy us as much dollars as we want. Over time, everyone will have enough naira to buy dollars at any rate where we find it. Just print more naira faster than the rate of dollars rise. Then use the naira to buy up all the dollars in the market.

Sense no go kee you. In short you want us to be buying a cup of Garri for Four trillion naira

cjrane:
We should just print as much naira as we need and distribute to every one living in Nigeria. Yes it might temporarily cause more inflation but at least hardship is less.

If dollars rate rises, we should just print more naira to buy us as much dollars as we want. Over time, everyone will have enough naira to buy dollars at any rate where we find it. Just print more naira faster than the rate of dollars rise. Then use the naira to buy up all the dollars in the market.

Haaaaaaaaaaaaaa!!!!!!!!!! 😲😲🤪🤪