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LATEST: CBN Reveals Why Naira Notes Will Be Out of Circulation

The Central Bank of Nigeria (CBN) has explained why paper money would be phased out shortly.

According to Anaedoonline.ng, the Delta State Branch Controller of CBN, Godwin Okafor, announced this on Friday.

He urged market participants to sign up for the e-Naira and traders to pay attention to the central bank’s e-Naira policies.

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.”

LATEST: Buhari Officially Launches Nigerian Digital Currency E-Naira [Photo]

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Also speaking, Dr Aminu Bizi, a consultant of CBN on e-Naira, 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” she said.

He said the use of e-Naira was effective, charges free unlike ATM and POS and cannot be hacked by fraudsters.

 

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