Categories: Business

CBN Says Naira Notes Will Soon Be Out Of Circulation, Reveals Replacement

CBN Gives Reasons Why Market Men And Women Should Start Using e-Naira
Compares e-Naira With Bitcoin, ATM, POS

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EKO HOT BLOG reports that the Central Bank of Nigeria (CBN) has disclosed that paper currency will soon be out of circulation, and has called on market men and women to sign up to the e-Naira.

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

While calling on the traders to key into the central bank’s e-Naira policy, he explained that, “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.”

Also speaking, the CBN Consultant on e-Naira, Dr. Aminu Bizi, 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 reiterated that the use of e-Naira was effective and free of charges unlike ATM and POS, adding that another advantage of the virtual currency is that it cannot be hacked by fraudsters.

In his remark, the Secretary to the State Government, Chief Patrick Ukah, applauded apex bank for the e-Naira initiative.

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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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Sylvester Ugwuanyi