The apex bank made this known on Friday in Asaba, Delta
State.
The lower denominations have almost lost their value due to
the declining purchasing power of the naira, this according to the bank is a
waste of money trying to print the notes CBN which end up being abused by
members of the public.
However, with the introduction of the e-Naira system the
apex bank said it would promote financial inclusion and cashless economy.
Speaking at a sensitisation exercise at the popular
Ogbogonogo Market, Asaba, Dr. Aminu Bizi, a consultant with the CBN on eNaira,
explained that commodities traders – onions, sachet water, pepper among others
would be educated on how to use the e-NAIRA account to do transactions,
according to The Sun.
Bizi stated that the digital platform of transaction is
fast, accessible, free and safe with over 99.9% success rate.
“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 stated.
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.
Secretary to the State Government, Patrick Ukah who was
represented by the Director of Finance and Account in the office, Benson Ojoko,
lauded the apex bank for the initiative to further reduce the volume of
physical cash in circulation.
Branch controller of CBN in Asaba, Mr. Godwin Okafor who was
also 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.
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