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“Paper Currency Will Soon be Out of Circulation” – CBN Official

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Delta State Branch Controller of Central Bank of Nigeria (CBN), Mr Godwin Okafor, has revealed that the Paper currency, (Naira) will soon be out of circulation, urging citizens to patronize e-Naira.

Mr Godwin explained this at the famous Ogbogonogo market, Delta, during the market sensitisation on e-Naira.

“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,” he said.

“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.”

In relation to this, Investors King had reported the President’s statement on the importance of the e-Naira to the country’s economy. President Buhari said the launching of the E-Naira makes Nigeria the first country in Africa and one of the first few countries in the world to launch a digital currency.

He further said he expects the currency to enable the government to send direct payments to citizens eligible for government welfare programs as well as foster cross-border trade and assist in moving many more people and businesses from the informal sector into the formal sector, therefore, increasing the tax base of the country.

Further, he explained that being a digital currency, it has the potential to increase Nigeria’s GDP by $29 billion over the next 10 years.

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.

He said the use of e-Naira was effective, charges free unlike ATM and POS and cannot be hacked by fraudsters.

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

He expressed his satisfaction with CBN programs, characterizing e-Naira as a “laudable” initiative that has elevated Nigeria’s position in international finance.

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eNaira

E-Naira Transaction Volume Rises to N5 Billion in November Amid Intensified Campaign

More Nigerians embrace eNaira wallet as CBN takes adoption campaign across the nation

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The Central Bank of Nigeria, (CBN) has disclosed that e-Naira transaction volume rose to a record N5 billion in the month of November following a series of campaigns initiated to encourage adoption.

Investors King had earlier reported how the e-Naira adoption team visited a number of parks in Abuja and the University of Lagos among other locations to drive the adoption of the digital currency. 

Speaking at the Second Edition of the Africa Cashless Payment Conference, CBN’s Director of Information and Technology, Hajiya Rakiya Mohammed noted that transaction on the e-naira platform does not attract any charges. 

She stated that Nigeria’s financial ecosystem is large to accommodate everyone.

Hajia Rakiya added that the e-Naira platform can be operated in any of Nigeria’s major local languages, stating that onboarding onto the e-Naira platform is a simple process. 

She further stressed that the primary goal of the e-naira is to reduce the amount of cash in circulation, thereby downsizing the cost of producing paper currency, increase in revenue and direct disbursement to citizens.

Meanwhile, the e-Naira circulation has reached N401.82 million as more Nigerians embraced the digital currency. 

It could be recalled that on October 25, 2021, CBN launched the e-Naira making Nigeria the first African country to have a digital currency. 

During the unveiling of the e-Naira in Abuja, President Muhammadu Buhari stated that the digital naira would increase remittances, foster cross-border trade, improve financial inclusion and enable the government to make welfare payments more easily.

On his part, the CBN Governor, Godwin Emefiele disclosed that the e-Naira offered Nigerians endless possibilities in using financial services. 

While admonishing more Nigerians to embrace the digital naira, Hajia Rakiya noted that “both banked and unbanked can use it, and it can be done through USSD *997#. We have integrated it with telecoms and NIBBS instant payments plus integration with money transfer operations so you can use e-naira for cross border”.

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CBN Engages Unilag Students as e-Naira Advocators

The Central Bank of Nigeria (CBN) has taken the drive for e-Naira to the University of Lagos. The apex bank intends to sensitise and engage students as advocates of the digital currency.

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The Central Bank of Nigeria (CBN) has taken the drive for e-Naira to the University of Lagos. The apex bank intends to sensitise and engage students as advocates of the digital currency.

According to the CBN, students are a critical factor in the adoption of e-Naira. The bank noted that the e-Naira is accepted as the naira notes while it can also be used to pay school fees. 

Speaking at the event, Director Information Technology Department, CBN/Co-ordinator Technical Working Committee e-Naira Secretariat, Hajiya Rakiya Mohammed who was represented by Dr. Khalifa Nuhu noted that the Central Bank has engaged several groups and organisations as part of the strategy to make e-Naira popular among Nigerians. 

The e-Naira adoption team also paid a courtesy visit to the Vice-Chancellor of the University, Professor Oluwatoyin T. Ogundipe, FAS, at his office. 

The team noted that the University of Lagos was selected as the pioneer institution for the onboarding exercise because the school is progressive and innovation-driven. 

Investors King had earlier reported that the e-Naira adoption team visited the tricycle driver in Abuja to inform them about the e-Naira platform.

While speaking at the awareness program in Abuja, the adoption team disclosed a 5 percent transaction discount for any tricycle driver who uses the e-Naira platform. The team added that any tricycle customer who uses the e-Naira platform to make payment will also enjoy the same discount. 

In another development, the Central Bank has disclosed that it will engage 7,740 e-Naira agents across the country as part of its efforts to boost adoption. 

The apex bank noted that it will install and engage a minimum of 10 e-Naira agents from each of the 774 local governments in Nigeria to make up for the targeted number. 

It will be recalled that the e-Naira was officially launched by President Muhammad Buhari, on October 25, 2021. It has a slogan of “Same Naira, More Possibilities” which symbolises the same quality as the naira note but with enhanced functionality.

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Over 700,000 Transactions, N8 Billion in Value; CBN Celebrates eNaira 1 Year in Style

The Central Bank of Nigeria (CBN) celebrates eNaira’s one-year anniversary in grand style as over 700,000 transactions valued at N8 billion were processed within the last 12 months.

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The Central Bank of Nigeria (CBN) celebrates eNaira’s one-year anniversary in grand style as over 700,000 transactions valued at N8 billion were processed within the last 12 months.

Godwin Emefiele, the apex bank governor, who spoke at an event organised to mark the digital currency milestone in Lagos, expressed his profound joy at the success of the Central Bank Digital Currency (CBDC) since its inception.

Emefiele said it has been an overwhelming first year, the encouragement and genuine interest from the citizen of Nigeria and others across the world has been unending and has helped propel the vision of the nation’s cashless economy despite the challenges faced in the process.

He said being the first country in Africa and second in the world to introduce a digital currency to its citizens is no child’s play.

Emefiele Said, “there has been overwhelming interest and encouraging response from Nigerians and other parties across the world, with 33 banks fully integrated and live on the platform. N3 billion has been successfully minted by the Central Bank, N2.10 billion issued to financial institutions, and about one million (919,000) customers are on board.

“Over 3,305 merchants have successfully registered on the eNaira platform across the country, including Shoprite, Sahad Stores, A.A. Rano fuel stations, Fraser Suites, and November Cubes, among others. Over 700,000 transactions amounting to about N8 billion have been recorded on the platform and over 2.5 million daily visits to the eNaira website.”

In the spirit of festivity, Godwin stated that plans are underway by the central bank and Bankers’ Committee to ensure the implementation of its cashless policy throughout Nigeria, adding that the apex bank has expended so much in the adoption of a 100% cashless economy.

Godwin said, “Banks have incurred a lot of costs in an attempt to embrace a cashless economy. We also had collaborations with mobile networks and had payment service banks (PSB) using all sorts of channels. The destination, as far as I am concerned, is to achieve a 100% cashless economy in Nigeria. I know that those who doubt will say that 100% cashless is unattainable.”

Emefiele further stated that the CBN had provided the needed infrastructure nationwide to enable the smooth transition into a cashless economy.

It might not be a juicy transition for some individuals but necessary pronouncements will be made on that effect in the coming weeks, he concluded.

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