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According To A CBN Official, Naira Notes Will Be Phased Out Of Circulation Soon.

According to a CBN official, naira notes will be phased out of circulation soon.

The Central Bank of Nigeria has stated that paper currency will soon be phased out of circulation, urging market participants to sign up for e-Naira.

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

He urged traders to pay close attention to the central bank’s e-Naira policy.

“We are here today to sensitise market people on the use of e-Naira,” he said. Unlike Bitcoin, which has no legal backing, it is fully backed by the CBN.”

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

“We are here to educate market men and women about the use of e-Naira from shop to shop.” “Because the CBN has backed ATMs and POS, we will meet with the Okada/tricycle union on this policy.” Paper currency will soon be out of circulation because the CBN spent money to print money, and people abuse the currency in the market, spraying at the occasion, payment of Okada/tricycle, and other activities, and the CBN is losing.”

He claimed that using e-Naira was efficient, free of charges, and could not be hacked by fraudsters.

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

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

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