The Central Bank of Nigeria (CBN) has explained why paper money would be phased out shortly.
Godwin Okafor, the CBN’s Delta State Branch Controller, said this on Friday.
He urged market participants to sign up for the e-Naira and traders to pay attention to the central bank’s e-Naira policies.
“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 selected 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” she said.
He said that using e-Naira was efficient, cost-free, and could not be hacked by criminals.