Home Economy Naira Notes Will Soon Be Out of Circulation – CBN

Naira Notes Will Soon Be Out of Circulation – CBN

by Isiyaku Ahmed
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The Central Bank of Nigeria, CBN, has said that the country will soon be faced with a dearth of paper currency as it intensifies efforts in digital currency inclusion.

The Delta State Branch Controller of CBN, Mr Godwin Okafor, made the disclosure at a sensitization campaign on e-Naira on Friday at Ogbogonogo market in the state.

Mr Okafor urged market men and women to sign into the e-Naira.

“We here at the market to sensitize the market people on the use of e-Naira. It is fully backed by CBN unlike Bitcoin has no legal backing,” he assured.

The consultant of CBN on e-Naira, Dr. Aminu Bizi, said Delta was chosen as the second state to sensitize market women on e-Naira after Lagos.

“We are here to sensitize market men and women shop to shop on the use of e-Naira. CBN has gone behind ATM, 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 in the market, spraying at the occasion, payment of Okada/tricycle and others and CBN is losing.”

The use of e-Naira was effective, charges free unlike ATM and POS, and cannot be hacked by fraudsters, he guaranteed.

In his remark, the Secretary to the State Government, Chief Patrick Ukah, who was represented by the Director of Finance and Account, Mr. Benson Ojoko applauded CBN for e-Naira initiative.

He said the state was delighted with CBN programs, describing e-Naira as a laudable program that has placed Nigeria in international finance.


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