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Naira notes will be out of circulation soon – CBN

The Central Bank of Nigeria CBN has said that the country will be faced with dearth of paper currency soon.

This as the apex bank intensifies effort in the area of digital currency inclusion.

The Delta State Branch Controller of CBN, Mr Godwin Okafor, made this known while Speaking at the popular Ogbogonogo market in the state.

Speaking during the market sensitisation on e-Naira on Friday, Okafor, urged market men and women to sign into the e-Naira.

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

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 sensitise 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”

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

In his remark, the Secretary to the State Government, Chief Patrick Ukah, applauded CBN for 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 programme that has placed Nigeria in international finance

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