e-Naira: Paper Notes to be out of Circulation Soon – CBN

Mr Godwin Okafor, an official of the Central Bank of Nigeria (CBN), has urged traders to embrace the e-naira, noting that paper naira notes will soon be out of circulation.

Okafor, controller, Delta State Branch of CBN, stated this on Friday at the popular Ogbogonogo market during the market sensitisation on e-Naira.

“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 which has no legal backing.”

Dr. Aminu Bizi, consultant of CBN on e-Naira, said Delta 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 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, Patrick Ukah, secretary to the State Government, applauded CBN for the e-Naira initiative.

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