The Central Bank of Nigeria (CBN) said the lower denominations of the nation’s currency, including N5, N10 and N20 would soon be phased out of circulation.
Mr Godwin Okafor, the Delta State Branch Controller of the CBN, disclosed this on Friday during the e-Naira sensitisation organised by the apex bank at the Ogbogonogo market in Asaba.
“Today, we are at the market to educate the market patrons on the use of e-Naira. It is fully supported by the CBN, unlike Bitcoin, which lacks legal backing,” Okafor said.
The Branch controller who was represented by the Head of Customer Service, Bright Orji said the apex bank was committed to promoting digital transactions to reduce the risk involved in carrying cash.
Dr. Aminu Bizi, the CBN’s consultant on e-Naira, in his speech said Delta State was the second state that CBN will visit to educate market women about e-Naira, after Lagos.
“We are here to educate market men and women on the use of e-Naira, shop by shop.
“Hence, we have backed ATMs and POS systems; hence, we will meet with the Okada/tricycle union to discuss this strategy.
“Paper currency will soon be out of circulation since the CBN spent money to produce money and people abuse the currency in the market by spraying it on special occasions, paying for Okada/tricycles, etc., and the CBN is losing money,” he stated.
Bizi explained that the use of e-Naira was efficient, cost-free, and invulnerable to hacking, unlike ATM and POS systems.
He explained that traders would be educated on how to use the e-NAIRA account to do transactions.
“The digital platform of transaction is fast, accessible, free and safe with over 99.9 per cent success rate.
“The e-NAIRA has come to stay. Why do you need cash if the onion seller, akara seller, chemist man or Keke/Okada operator have e-NAIRA account?
“Do you need to go to POS and cash money while ordinary Keke man can receive N50 via transfer?
“We are planning to meet with the union of Keke to sensitise them and give them a bar code.
“You have your e-NAIRA, before you even get down, you scan the Keke scanner bar code and you pay him his fare of N50 or N100.
“So why should you go and queue to withdraw money? Is it not for you to spend? So if these market people accept e-NAIRA, people don’t need to cash.
“So very soon, you may not be seeing N5, N10 or N20 notes in circulation because CBN is using money to print these notes, and at the end of the day this N5, N10, N20 will be abused.
“Go and see the woman selling corn, fish, they are squeezing these notes, at the end of the day, CBN is losing to reprint more notes to replace the mutilated ones,” he explained.
Bizi assured that the e-NAIRA account cannot be hacked by fraudsters.
“What I mean by that is that no yahoo can penetrate your e-NAIRA to take your money. Even, if someone force you to collect your pin number or password, he can be traced because you cannot move e-NAIRA to another bank account.
“I have e-NAIRA, I cannot move funds to your bank account but I can take money from my bank account to my e-NAIRA.
“And I can take back my money in e-wallet to my bank account. So no chance for fraud. It is free, all marketers are free to accept e-naira,” he added.
Chief Patrick Ukah, Secretary to the State Government, praised CBN’s e-Naira programme in his remark.
Ukah, who was represented by the Director of Finance and Accounts in the office of the SSG, Mr. Benson Ojoko, stated that the state was pleased with CBN programmes, praising e-Naira as a commendable initiative that has positioned Nigeria on the international financial stage.