Paper currency will soon be out of circulation – CBN official says

The Central Bank of Nigeria has stated that paper currencies will soon go out of circulation.

This was disclosed on Friday by the Delta State Branch Controller of CBN, Mr Godwin Okafor during a market sensitisation on e-Naira at the Ogbogonogo market in Asaba, Delta State.

“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.” He said while urging traders to take advantage of the apex bank’s e-Naira policy.

“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”

Mr Okafor further revealed that the use of e-Naira was effective, devoid of charges, unlike ATM and POS services, and cannot be hacked by fraudsters.

Delta state is now the second state after Lagos, chosen to sensitize market women on the e-Naira. Dr. Aminu Bizi, the consultant of CBN on e-Naira revealed.

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