Despite clear legislation prohibiting the refusal of worn bills or coins, disputes and altercations surrounding these means of payment continue to disrupt the daily lives of Togolese people. A worrying situation, all the more so as some financial institutions themselves refuse to accept these deteriorated currencies, in contradiction with the law.
Article 1165 of the Togolese Penal Code is explicit: refusing to accept legal tender, unless it is counterfeit, is an offence punishable by a fine of between 10,000 and 50,000 FCFA. But on the ground, retailers, private individuals and even some banks reject these damaged bills, fuelling tension and misunderstanding.
Faced with this drift, the Martin Luther King Movement (MMLK)known as "La Voix des Sans Voix", appeals for collective responsibility. According to the organization, "the banknote or coin itself does not belong to us; only its value concerns us". A statement that reminds us that the physical state of money should not take precedence over its role as a means of exchange.
If this phenomenon persists, it is mainly due to the natural wear and tear of banknotes in an economy where cash remains predominant, but also to a lack of information and confidence in damaged banknotes. The MMLK therefore urges the Central Bank of West African States (BCEAO) and the Togolese authorities to step up awareness-raising campaigns and introduce clear arrangements for replacing damaged currencies.
Beyond the daily altercations, the credibility of the monetary system and the fluidity of transactions are at stake.
Editorial staff
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