Home BUSINESS BANKING & FINANCE e-Naira Will Soon Push Paper Naira Out Of Circulation, CBN Predicts

e-Naira Will Soon Push Paper Naira Out Of Circulation, CBN Predicts

The Central Bank of Nigeria (CBN) has predicted that the emerging e-Naira will soon push paper currency out of circulation.

The Delta State Branch Controller of CBN, Godwin Okafor, who said this today, May 20 at the popular Ogbogonogo market during the market sensitization on e-Naira, advised the traders 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 that 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”

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

In his remark, the Secretary to the State Government, Chief Patrick Ukah, applauded CBN for the e-Naira initiative.

Ukah who was represented by the Director of Finance and Account in the office of SSG, Mr. Benson Ojoko, said the state was delighted with CBN programmes, describing e-Naira as a laudable programme that has placed Nigeria in international finance.

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