Naira Denominations

Digital Economy: Nigerian Naira notes will be out of circulation soon –Official

*The Central Bank of Nigeria discloses the Naira notes will soon be out of circulation to further activate the e-Naira policy to benefit consumers in the economy

Isola Moses | ConsumerConnect

As part of the Federal Government’s fiscal policy to drive digital economy, the Central Bank of Nigeria (CBN) has disclosed the current currency notes will soon be out of circulation.

ConsumerConnect gathered the Bankers’Bank has urged market men and women to subscribe to the e-Naira platform.

Mr. Godwin Okafor, Delta State Branch Controller of CBN, stated this Friday, May 20, 2022, at the popular Ogbogonogo market during the market sensitisation on e-Naira in the state.

Okafor also encouraged traders to key into the  e-Naira policy of the CBN.

“We are here at the market today (Friday) to sensitise the market people on the use of e-Naira.

“It is fully backed by CBN, unlike Bitcoin which has no legal backing,” said he.

Dr. Aminu Bizi, Consultant of CBN on e-Naira, said Delta was chosen as the second state to sensitise market women on e-Naira after Lagos, report stated.

The CBN Consultant said: “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.”

He further noted: “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.”

According to Dr. Bizi, the use of e-Naira was effective, charges free unlike ATM and POS, and cannot be hacked by fraudsters.

In his remark during the sensitisation programme, Chief Patrick Ukah, Secretary to the State Government (SSG), commended apex bank for the e-Naira initiative.

Chief Ukah, represented by Mr. Benson Ojoko, Director of Finance and Account in the Office of SSG, said the state was delighted with CBN programmes.

He described e-Naira as a laudable programme that has placed Nigeria on international finance platform.

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