Naira Notes Will Be Phased Out of Circulation Soon, Says CBN Official

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The Central Bank of Nigeria has announced that paper currency will soon be phased out, asking market participants to register for the e-Naira.
Mr. Godwin Okafor, the Delta State Branch Controller of the CBN, disclosed this on Friday at the famed Ogbogonogo market during the e-Naira market sensitization.
He urged traders to capitalise on the e-Naira initiative of the central bank.
He stated, “Today, we are at the market to educate the market patrons on the use of e-Naira. It is fully supported by the CBN, unlike Bitcoin, which lacks legal backing.
Dr. Aminu Bizi, the CBN’s consultant on e-Naira, stated that Delta was picked as the second state to educate market women about e-Naira, after Lagos.
“We are here to educate market men and women on the use of e-Naira, shop by shop.” Hence, we have backed ATMs and POS systems; hence, we will meet with the Okada/tricycle union to discuss this strategy. ”
“Paper currency will soon be out of circulation since the CBN spent money to produce money and people abuse the currency in the market by spraying it on special occasions, paying for Okada/tricycles, etc., and the CBN is losing money.”
He stated that the use of e-Naira was efficient, cost-free, and invulnerable to hacking, unlike ATM and POS systems.
Chief Patrick Ukah, Secretary to the State Government, praised CBN’s e-Naira programme in his remark.
Ukah, who was represented by the Director of Finance and Accounts in the office of the SSG, Mr. Benson Ojoko, stated that the state was pleased with CBN programmes, praising e-Naira as a commendable initiative that has positioned Nigeria on the international financial stage.
Source: PUNCH

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