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‘Naira notes will be out of circulation soon’ -CBN official

THE Nigerian Central Bank has announced that paper currency will soon be phased out of circulation, urging traders to sign up for the e-Naira.

Godwin Okafor, the CBN’s Delta State Branch Controller, disclosed this on Friday during a market sensitization on the e-Naira at the popular Ogbogonogo market.

He asked traders to pay attention to the e-Naira policies of the central bank.

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.”

Dr. Aminu Bizi, a CBN e-Naira expert, said Delta was chosen as the second state after Lagos to sensitize market women on the currency.

“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 said that using e-Naira was efficient, cost-free, and could not be hacked by criminals.

Chief Patrick Ukah, the Secretary to the State Government, commended the CBN for the e-Naira project in his remarks.

Ukah, who was represented by Benson Ojoko, Director of Finance and Account in the SSG’s office, said the state was pleased with CBN programs, applauding e-Naira as a laudable initiative that has elevated Nigeria’s position in international finance.

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