Today30 June, 2022

Naira will soon be out of circulation – CBN tells Nigerians what to do

Naira will soon be out of circulation – CBN tells Nigerians what to do

The Nigerian Central Bank has announced that paper currency will soon be phased out, urging market men and women to sign up for the e-Naira.

Mr Godwin Okafor, the CBN’s Delta State Branch Controller, stated this on Friday during a market sensitization on the e-Naira at the popular Ogbogonogo market.

He urged traders to pay attention to the e-Naira policy of the central bank.

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 which has no legal backing.”

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

“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 that using e-Naira was efficient, cost-free unlike ATM and POS and could not be hacked by fraudsters.

Chief Patrick Ukah, the Secretary to the State Government, praised the CBN for the e-Naira project in his remarks.

Ukah, who was represented by Mr. Benson Ojoko, Director of Finance and Account in the SSG’s office, said the state was pleased with CBN programmes, describing e-Naira as a praiseworthy initiative that has elevated Nigeria’s position in world finance.

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