CBN To Phase Out Naira Notes – Official

Posted by African Examiner Business News, Latest Headlines Saturday, May 21st, 2022

(AFRICAN EXAMINER) – The Central Bank of Nigeria has Stated that paper currency will soon be out of circulation tasking market men and women to key into the e-Naira.

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

Okafor tasked traders with the need to key into the central bank’s e-Naira policy.

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.”

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

Bizi Said: “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 stated that the use of e-Naira was effective, charges free unlike ATM and POS and it is free from hacking by fraudsters.