CBN: Naira notes will be out of circulation soon

By Emmanuel Adeleke

The Central Bank of Nigeria (CBN) has said that paper currency will soon be out of circulation, charging market men and women to key into the e-Naira policy.

CBN Branch Controller in Delta State, Godwin Okafor, disclosed this on Friday during market sensitisation on e-Naira at the popular Ogbogonogo market, in Delta State.

He urged traders to key into the apex bank’s e-Naira policy.

He said: “We are here at the market today to sensitise the market people on the use of e-Naira. It is fully backed by CBN unlike Bitcoin that has no legal backing.”

Speaking CBN Consultant on e-Naira, Dr. Aminu Bizi, said Delta  State was chosen as the second state to sensitise market women on e-Naira after Lagos.

“We are here to sensitise market men and women, shop to shop, on the use of e-Naira. CBN has gone beyond ATM and  POS. Therefore, we are going to meet the okada/tricycle union on this policy.

“Paper currency will soon be out of circulation because CBN spent money to print money and people abuse the currency, whether in the market, at occasions, during  payments among others. CBN is losing,” Bizi said.

He stressed that  the use of e-Naira was effective and cannot be hacked by fraudsters, adding that charges are free unlike ATM and POS.

In his remarks, the Delta State Secretary to State Government, Chief Patrick Ukah, applauded CBN for  the e-Naira initiative.

Ukah, who was represented by the Director of Finance and Account in the Office of SSG, Mr. Benson Ojoko, said the state was delighted with CBN programmes, describing e-Naira as a laudable innovation that has placed Nigeria on international finance.