The Nigerian Central Bank has announced that paper currency would soon be phased out of circulation.
The bank is encouraging traders to register for the e-Naira.
Mr Godwin Okafor, the CBN’s Delta State Branch Controller, disclosed this on Friday during a market sensitization on the e-Naira at the renowned Ogbogonogo market.
He asked market men and women to pay attention to the e-Naira policies of the central bank.
In a statement sighted on Punch News by MandyNews.com Mr. Okafor said, unlike Bitcoin, which has no legal support, e-Naira is fully backed by the CBN.
According to Dr. Aminu Bizi, the CBN’s e-Naira consultant, Delta was picked as the second state after Lagos to educate market women about the currency.
Dr. Aminu stated in a statement that paper currency will soon go out of circulation because the CBN spent money to print money, and people abuse the currency in the market by spraying it on special occasions, paying for Okadas and tricycles, and so on, and the CBN is losing money.