Naira notes will be out of circulation soon – CBN

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The Central Bank of Nigeria has said the paper currency will soon be out of circulation, urging market men and women to key into the e-Naira.

The Delta State Branch Controller of CBN, Mr Godwin Okafor, sais this on Friday at the popular Ogbogonogo market during the market awareness on e-Naira.

He urged traders to embrace the central bank’s e-Naira policy.

“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,” Okafor said.

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

He said, “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.”

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

The Secretary to the State Government, Chief Patrick Ukah, hailed 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 happy with CBN programmes, saying the e-Naira was a laudable programme that had placed Nigeria in international finance.

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