Paper currency will soon be out of circulation – CBN
Paper currency will soon be out of circulation - CBN
The Central Bank of Nigeria (CBN) has said that paper currency would soon be out of circulation as it urged market women to sign into 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.
He urged traders to key into the central bank’s e-Naira policy.
He said, “We here at the market today to sensitise the market people on the use of e-Naira. It is fully backed by CBN unlike Bitcoin has no legal backing.”
The consultant of CBN on e-Naira, Dr. Aminu Bizi, said Delta was chosen as the second state to sensitize 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, the Secretary to the State Government, Chief Patrick Ukah, applauded CBN for 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 delighted with CBN programmes, describing e-Naira as a laudable programme that has placed Nigeria in international finance.