‘Naira Notes Will Soon Be Obsolete; Embrace E-naira’- CBN

‘Naira Notes Will Soon Be Obsolete; Embrace E-naira’- CBN

The Central Bank of Nigeria (CBN) has urged traders to adopt the e-naira, warning that paper naira notes will soon be obsolete.

Mr Godwin Okafor, controller of the CBN’s Delta State Branch, disclosed this on Friday during a market sensitization on the e-Naira at the famed Ogbogonogo market.

“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,” Punch quoted him as saying.

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

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“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, and could not be hacked by criminals.

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 programs, praising e-Naira as a praiseworthy initiative that has elevated Nigeria’s position in world finance.