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Economic implications of superstition and the defacement of the currency notes: Nigeria experience

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  • Essien D. Essien

Abstract

Nearly half the currency notes in circulation in Nigeria today has lost its wholeness to one form of mutilation or another due to superstitious beliefs. Statistics have shown that 98.0% of the disfigurement of the naira is (deliberately) caused by superstitious belief, while only 0.2% is due to inadvertent mistakes. This paper examines the correlation between superstitious beliefs, magical thinking and judgements or choices regarding currency notes exchange among Nigerian. Drawing upon an extensive contemporary research and existing literature on the culture of superstition, and supported with qualitative methodology, this paper scrutinises the role of superstitious beliefs on our decisions, preference, and actions that affects the use, exchange and mutilation of currency notes with its resultant fiscal connotation. The result shows that majority of the mutilation is deliberately carried out due to superstitious beliefs which exerts a causal influence on people and a serious economic implications on the society.

Suggested Citation

  • Essien D. Essien, 2014. "Economic implications of superstition and the defacement of the currency notes: Nigeria experience," African Journal of Economic and Sustainable Development, Inderscience Enterprises Ltd, vol. 3(1), pages 65-75.
    • Handle: RePEc:ids:ajesde:v:3:y:2014:i:1:p:65-75
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