diff --git a/packages/react-native-codegen/e2e/__tests__/components/__snapshots__/GenerateEventEmitterCpp-test.js.snap b/packages/react-native-codegen/e2e/__tests__/components/__snapshots__/GenerateEventEmitterCpp-test.js.snap
index cd64459983a..6e338000624 100644
--- a/packages/react-native-codegen/e2e/__tests__/components/__snapshots__/GenerateEventEmitterCpp-test.js.snap
+++ b/packages/react-native-codegen/e2e/__tests__/components/__snapshots__/GenerateEventEmitterCpp-test.js.snap
@@ -149,22 +149,22 @@ Object {
 
 namespace facebook::react {
 
-void EventNestedObjectPropsNativeComponentViewEventEmitter::onChange(OnChange $event) const {
-  dispatchEvent(\\"change\\", [$event=std::move($event)](jsi::Runtime &runtime) {
-    auto $payload = jsi::Object(runtime);
+void EventNestedObjectPropsNativeComponentViewEventEmitter::onChange(OnChange event) const {
+  dispatchEvent(\\"change\\", [event=std::move(event)](jsi::Runtime &runtime) {
+    auto payload = jsi::Object(runtime);
     {
   auto location = jsi::Object(runtime);
   {
     auto source = jsi::Object(runtime);
-    source.setProperty(runtime, \\"url\\", $event.location.source.url);
+    source.setProperty(runtime, \\"url\\", event.location.source.url);
     location.setProperty(runtime, \\"source\\", source);
   }
-  location.setProperty(runtime, \\"x\\", $event.location.x);
-  location.setProperty(runtime, \\"y\\", $event.location.y);
+  location.setProperty(runtime, \\"x\\", event.location.x);
+  location.setProperty(runtime, \\"y\\", event.location.y);
 
-      auto arrayOfObjects = jsi::Array(runtime, $event.location.arrayOfObjects.size());
+      auto arrayOfObjects = jsi::Array(runtime, event.location.arrayOfObjects.size());
       size_t arrayOfObjectsIndex = 0;
-      for (auto arrayOfObjectsValue : $event.location.arrayOfObjects) {
+      for (auto arrayOfObjectsValue : event.location.arrayOfObjects) {
         auto arrayOfObjectsObject = jsi::Object(runtime);
         {
     auto value = jsi::Object(runtime);
@@ -175,9 +175,9 @@ void EventNestedObjectPropsNativeComponentViewEventEmitter::onChange(OnChange $e
       }
       location.setProperty(runtime, \\"arrayOfObjects\\", arrayOfObjects);
     
-  $payload.setProperty(runtime, \\"location\\", location);
+  payload.setProperty(runtime, \\"location\\", location);
 }
-    return $payload;
+    return payload;
   });
 }
 
@@ -203,59 +203,59 @@ Object {
 
 namespace facebook::react {
 
-void EventPropsNativeComponentViewEventEmitter::onChange(OnChange $event) const {
-  dispatchEvent(\\"paperDirectName\\", [$event=std::move($event)](jsi::Runtime &runtime) {
-    auto $payload = jsi::Object(runtime);
-    $payload.setProperty(runtime, \\"value\\", $event.value);
-$payload.setProperty(runtime, \\"source\\", $event.source);
-$payload.setProperty(runtime, \\"progress\\", $event.progress);
-$payload.setProperty(runtime, \\"scale\\", $event.scale);
-    return $payload;
+void EventPropsNativeComponentViewEventEmitter::onChange(OnChange event) const {
+  dispatchEvent(\\"paperDirectName\\", [event=std::move(event)](jsi::Runtime &runtime) {
+    auto payload = jsi::Object(runtime);
+    payload.setProperty(runtime, \\"value\\", event.value);
+payload.setProperty(runtime, \\"source\\", event.source);
+payload.setProperty(runtime, \\"progress\\", event.progress);
+payload.setProperty(runtime, \\"scale\\", event.scale);
+    return payload;
   });
 }
 
 
-void EventPropsNativeComponentViewEventEmitter::onEventDirect(OnEventDirect $event) const {
-  dispatchEvent(\\"eventDirect\\", [$event=std::move($event)](jsi::Runtime &runtime) {
-    auto $payload = jsi::Object(runtime);
-    $payload.setProperty(runtime, \\"value\\", $event.value);
-    return $payload;
+void EventPropsNativeComponentViewEventEmitter::onEventDirect(OnEventDirect event) const {
+  dispatchEvent(\\"eventDirect\\", [event=std::move(event)](jsi::Runtime &runtime) {
+    auto payload = jsi::Object(runtime);
+    payload.setProperty(runtime, \\"value\\", event.value);
+    return payload;
   });
 }
 
 
-void EventPropsNativeComponentViewEventEmitter::onEventDirectWithPaperName(OnEventDirectWithPaperName $event) const {
-  dispatchEvent(\\"paperDirectName\\", [$event=std::move($event)](jsi::Runtime &runtime) {
-    auto $payload = jsi::Object(runtime);
-    $payload.setProperty(runtime, \\"value\\", $event.value);
-    return $payload;
+void EventPropsNativeComponentViewEventEmitter::onEventDirectWithPaperName(OnEventDirectWithPaperName event) const {
+  dispatchEvent(\\"paperDirectName\\", [event=std::move(event)](jsi::Runtime &runtime) {
+    auto payload = jsi::Object(runtime);
+    payload.setProperty(runtime, \\"value\\", event.value);
+    return payload;
   });
 }
 
 
-void EventPropsNativeComponentViewEventEmitter::onOrientationChange(OnOrientationChange $event) const {
-  dispatchEvent(\\"paperBubblingName\\", [$event=std::move($event)](jsi::Runtime &runtime) {
-    auto $payload = jsi::Object(runtime);
-    $payload.setProperty(runtime, \\"orientation\\", toString($event.orientation));
-    return $payload;
+void EventPropsNativeComponentViewEventEmitter::onOrientationChange(OnOrientationChange event) const {
+  dispatchEvent(\\"paperBubblingName\\", [event=std::move(event)](jsi::Runtime &runtime) {
+    auto payload = jsi::Object(runtime);
+    payload.setProperty(runtime, \\"orientation\\", toString(event.orientation));
+    return payload;
   });
 }
 
 
-void EventPropsNativeComponentViewEventEmitter::onEnd(OnEnd $event) const {
+void EventPropsNativeComponentViewEventEmitter::onEnd(OnEnd event) const {
   dispatchEvent(\\"end\\", [](jsi::Runtime &runtime) {
-    auto $payload = jsi::Object(runtime);
+    auto payload = jsi::Object(runtime);
     
-    return $payload;
+    return payload;
   });
 }
 
 
-void EventPropsNativeComponentViewEventEmitter::onEventBubblingWithPaperName(OnEventBubblingWithPaperName $event) const {
+void EventPropsNativeComponentViewEventEmitter::onEventBubblingWithPaperName(OnEventBubblingWithPaperName event) const {
   dispatchEvent(\\"paperBubblingName\\", [](jsi::Runtime &runtime) {
-    auto $payload = jsi::Object(runtime);
+    auto payload = jsi::Object(runtime);
     
-    return $payload;
+    return payload;
   });
 }
 
@@ -347,11 +347,11 @@ Object {
 
 namespace facebook::react {
 
-void InterfaceOnlyNativeComponentViewEventEmitter::onChange(OnChange $event) const {
-  dispatchEvent(\\"change\\", [$event=std::move($event)](jsi::Runtime &runtime) {
-    auto $payload = jsi::Object(runtime);
-    $payload.setProperty(runtime, \\"value\\", $event.value);
-    return $payload;
+void InterfaceOnlyNativeComponentViewEventEmitter::onChange(OnChange event) const {
+  dispatchEvent(\\"change\\", [event=std::move(event)](jsi::Runtime &runtime) {
+    auto payload = jsi::Object(runtime);
+    payload.setProperty(runtime, \\"value\\", event.value);
+    return payload;
   });
 }
 
diff --git a/packages/react-native-codegen/src/generators/components/GenerateEventEmitterCpp.js b/packages/react-native-codegen/src/generators/components/GenerateEventEmitterCpp.js
index da3ef604b2d..cf41f63a7ea 100644
--- a/packages/react-native-codegen/src/generators/components/GenerateEventEmitterCpp.js
+++ b/packages/react-native-codegen/src/generators/components/GenerateEventEmitterCpp.js
@@ -68,11 +68,11 @@ const ComponentTemplate = ({
   dispatchEventName: string,
   implementation: string,
 }) => {
-  const capture = implementation.includes('$event')
-    ? '$event=std::move($event)'
+  const capture = implementation.includes('event')
+    ? 'event=std::move(event)'
     : '';
   return `
-void ${className}EventEmitter::${eventName}(${structName} $event) const {
+void ${className}EventEmitter::${eventName}(${structName} event) const {
   dispatchEvent("${dispatchEventName}", [${capture}](jsi::Runtime &runtime) {
     ${implementation}
   });
@@ -103,7 +103,7 @@ function generateSetter(
   valueMapper: string => string = value => value,
 ) {
   const eventChain = usingEvent
-    ? `$event.${[...propertyParts, propertyName].join('.')}`
+    ? `event.${[...propertyParts, propertyName].join('.')}`
     : [...propertyParts, propertyName].join('.');
   return `${variableName}.setProperty(runtime, "${propertyName}", ${valueMapper(
     eventChain,
@@ -156,7 +156,7 @@ function generateArraySetter(
   usingEvent: boolean,
 ): string {
   const eventChain = usingEvent
-    ? `$event.${[...propertyParts, propertyName].join('.')}`
+    ? `event.${[...propertyParts, propertyName].join('.')}`
     : [...propertyParts, propertyName].join('.');
   const indexVar = `${propertyName}Index`;
   const innerLoopVar = `${propertyName}Value`;
@@ -376,14 +376,14 @@ function generateEvent(
 
   if (event.typeAnnotation.argument) {
     const implementation = `
-    auto $payload = jsi::Object(runtime);
+    auto payload = jsi::Object(runtime);
     ${generateSetters(
-      '$payload',
+      'payload',
       event.typeAnnotation.argument.properties,
       [],
       extraIncludes,
     )}
-    return $payload;
+    return payload;
   `.trim();
 
     if (!event.name.startsWith('on')) {
diff --git a/packages/react-native-codegen/src/generators/components/__tests__/__snapshots__/GenerateEventEmitterCpp-test.js.snap b/packages/react-native-codegen/src/generators/components/__tests__/__snapshots__/GenerateEventEmitterCpp-test.js.snap
index ff3dea1de62..78c49307b2d 100644
--- a/packages/react-native-codegen/src/generators/components/__tests__/__snapshots__/GenerateEventEmitterCpp-test.js.snap
+++ b/packages/react-native-codegen/src/generators/components/__tests__/__snapshots__/GenerateEventEmitterCpp-test.js.snap
@@ -193,21 +193,21 @@ Map {
 
 namespace facebook::react {
 
-void EventsNestedObjectNativeComponentEventEmitter::onChange(OnChange $event) const {
-  dispatchEvent(\\"change\\", [$event=std::move($event)](jsi::Runtime &runtime) {
-    auto $payload = jsi::Object(runtime);
+void EventsNestedObjectNativeComponentEventEmitter::onChange(OnChange event) const {
+  dispatchEvent(\\"change\\", [event=std::move(event)](jsi::Runtime &runtime) {
+    auto payload = jsi::Object(runtime);
     {
   auto location = jsi::Object(runtime);
   {
     auto source = jsi::Object(runtime);
-    source.setProperty(runtime, \\"url\\", $event.location.source.url);
+    source.setProperty(runtime, \\"url\\", event.location.source.url);
     location.setProperty(runtime, \\"source\\", source);
   }
-  location.setProperty(runtime, \\"x\\", $event.location.x);
-  location.setProperty(runtime, \\"y\\", $event.location.y);
-  $payload.setProperty(runtime, \\"location\\", location);
+  location.setProperty(runtime, \\"x\\", event.location.x);
+  location.setProperty(runtime, \\"y\\", event.location.y);
+  payload.setProperty(runtime, \\"location\\", location);
 }
-    return $payload;
+    return payload;
   });
 }
 
@@ -233,41 +233,41 @@ Map {
 
 namespace facebook::react {
 
-void EventsNativeComponentEventEmitter::onChange(OnChange $event) const {
-  dispatchEvent(\\"change\\", [$event=std::move($event)](jsi::Runtime &runtime) {
-    auto $payload = jsi::Object(runtime);
-    $payload.setProperty(runtime, \\"value\\", $event.value);
-$payload.setProperty(runtime, \\"source\\", $event.source);
-$payload.setProperty(runtime, \\"progress\\", $event.progress);
-$payload.setProperty(runtime, \\"scale\\", $event.scale);
-    return $payload;
+void EventsNativeComponentEventEmitter::onChange(OnChange event) const {
+  dispatchEvent(\\"change\\", [event=std::move(event)](jsi::Runtime &runtime) {
+    auto payload = jsi::Object(runtime);
+    payload.setProperty(runtime, \\"value\\", event.value);
+payload.setProperty(runtime, \\"source\\", event.source);
+payload.setProperty(runtime, \\"progress\\", event.progress);
+payload.setProperty(runtime, \\"scale\\", event.scale);
+    return payload;
   });
 }
 
 
-void EventsNativeComponentEventEmitter::onArrayEventType(OnArrayEventType $event) const {
-  dispatchEvent(\\"arrayEventType\\", [$event=std::move($event)](jsi::Runtime &runtime) {
-    auto $payload = jsi::Object(runtime);
+void EventsNativeComponentEventEmitter::onArrayEventType(OnArrayEventType event) const {
+  dispatchEvent(\\"arrayEventType\\", [event=std::move(event)](jsi::Runtime &runtime) {
+    auto payload = jsi::Object(runtime);
     
-    auto bool_array_event_prop = jsi::Array(runtime, $event.bool_array_event_prop.size());
+    auto bool_array_event_prop = jsi::Array(runtime, event.bool_array_event_prop.size());
     size_t bool_array_event_propIndex = 0;
-    for (auto bool_array_event_propValue : $event.bool_array_event_prop) {
+    for (auto bool_array_event_propValue : event.bool_array_event_prop) {
       bool_array_event_prop.setValueAtIndex(runtime, bool_array_event_propIndex++, (bool)bool_array_event_propValue);
     }
-    $payload.setProperty(runtime, \\"bool_array_event_prop\\", bool_array_event_prop);
+    payload.setProperty(runtime, \\"bool_array_event_prop\\", bool_array_event_prop);
   
 
-    auto string_enum_event_prop = jsi::Array(runtime, $event.string_enum_event_prop.size());
+    auto string_enum_event_prop = jsi::Array(runtime, event.string_enum_event_prop.size());
     size_t string_enum_event_propIndex = 0;
-    for (auto string_enum_event_propValue : $event.string_enum_event_prop) {
+    for (auto string_enum_event_propValue : event.string_enum_event_prop) {
       string_enum_event_prop.setValueAtIndex(runtime, string_enum_event_propIndex++, toString(string_enum_event_propValue));
     }
-    $payload.setProperty(runtime, \\"string_enum_event_prop\\", string_enum_event_prop);
+    payload.setProperty(runtime, \\"string_enum_event_prop\\", string_enum_event_prop);
   
 
-    auto array_array_event_prop = jsi::Array(runtime, $event.array_array_event_prop.size());
+    auto array_array_event_prop = jsi::Array(runtime, event.array_array_event_prop.size());
     size_t array_array_event_propIndex = 0;
-    for (auto array_array_event_propValue : $event.array_array_event_prop) {
+    for (auto array_array_event_propValue : event.array_array_event_prop) {
       auto array_array_event_propArray = jsi::Array(runtime, array_array_event_propValue.size());
       size_t array_array_event_propIndexInternal = 0;
       for (auto array_array_event_propValueInternal : array_array_event_propValue) {
@@ -275,12 +275,12 @@ void EventsNativeComponentEventEmitter::onArrayEventType(OnArrayEventType $event
       }
       array_array_event_prop.setValueAtIndex(runtime, array_array_event_propIndex++, array_array_event_propArray);
     }
-    $payload.setProperty(runtime, \\"array_array_event_prop\\", array_array_event_prop);
+    payload.setProperty(runtime, \\"array_array_event_prop\\", array_array_event_prop);
   
 
-    auto array_object_event_prop = jsi::Array(runtime, $event.array_object_event_prop.size());
+    auto array_object_event_prop = jsi::Array(runtime, event.array_object_event_prop.size());
     size_t array_object_event_propIndex = 0;
-    for (auto array_object_event_propValue : $event.array_object_event_prop) {
+    for (auto array_object_event_propValue : event.array_object_event_prop) {
       auto array_object_event_propObject = jsi::Object(runtime);
       array_object_event_propObject.setProperty(runtime, \\"lat\\", array_object_event_propValue.lat);
 array_object_event_propObject.setProperty(runtime, \\"lon\\", array_object_event_propValue.lon);
@@ -294,35 +294,35 @@ array_object_event_propObject.setProperty(runtime, \\"lon\\", array_object_event
   
       array_object_event_prop.setValueAtIndex(runtime, array_object_event_propIndex++, array_object_event_propObject);
     }
-    $payload.setProperty(runtime, \\"array_object_event_prop\\", array_object_event_prop);
+    payload.setProperty(runtime, \\"array_object_event_prop\\", array_object_event_prop);
   
 
-    auto array_mixed_event_prop = jsi::Array(runtime, $event.array_mixed_event_prop.size());
+    auto array_mixed_event_prop = jsi::Array(runtime, event.array_mixed_event_prop.size());
     size_t array_mixed_event_propIndex = 0;
-    for (auto array_mixed_event_propValue : $event.array_mixed_event_prop) {
+    for (auto array_mixed_event_propValue : event.array_mixed_event_prop) {
       array_mixed_event_prop.setValueAtIndex(runtime, array_mixed_event_propIndex++, jsi::valueFromDynamic(runtime, array_mixed_event_propValue));
     }
-    $payload.setProperty(runtime, \\"array_mixed_event_prop\\", array_mixed_event_prop);
+    payload.setProperty(runtime, \\"array_mixed_event_prop\\", array_mixed_event_prop);
   
-    return $payload;
+    return payload;
   });
 }
 
 
-void EventsNativeComponentEventEmitter::onEventDirect(OnEventDirect $event) const {
-  dispatchEvent(\\"eventDirect\\", [$event=std::move($event)](jsi::Runtime &runtime) {
-    auto $payload = jsi::Object(runtime);
-    $payload.setProperty(runtime, \\"value\\", $event.value);
-    return $payload;
+void EventsNativeComponentEventEmitter::onEventDirect(OnEventDirect event) const {
+  dispatchEvent(\\"eventDirect\\", [event=std::move(event)](jsi::Runtime &runtime) {
+    auto payload = jsi::Object(runtime);
+    payload.setProperty(runtime, \\"value\\", event.value);
+    return payload;
   });
 }
 
 
-void EventsNativeComponentEventEmitter::onOrientationChange(OnOrientationChange $event) const {
-  dispatchEvent(\\"orientationChange\\", [$event=std::move($event)](jsi::Runtime &runtime) {
-    auto $payload = jsi::Object(runtime);
-    $payload.setProperty(runtime, \\"orientation\\", toString($event.orientation));
-    return $payload;
+void EventsNativeComponentEventEmitter::onOrientationChange(OnOrientationChange event) const {
+  dispatchEvent(\\"orientationChange\\", [event=std::move(event)](jsi::Runtime &runtime) {
+    auto payload = jsi::Object(runtime);
+    payload.setProperty(runtime, \\"orientation\\", toString(event.orientation));
+    return payload;
   });
 }
 
@@ -330,11 +330,11 @@ void EventsNativeComponentEventEmitter::onEnd() const {
   dispatchEvent(\\"end\\");
 }
 
-void EventsNativeComponentEventEmitter::onEventWithMixedPropAttribute(OnEventWithMixedPropAttribute $event) const {
-  dispatchEvent(\\"eventWithMixedPropAttribute\\", [$event=std::move($event)](jsi::Runtime &runtime) {
-    auto $payload = jsi::Object(runtime);
-    $payload.setProperty(runtime, \\"value\\", jsi::valueFromDynamic(runtime, $event.value));
-    return $payload;
+void EventsNativeComponentEventEmitter::onEventWithMixedPropAttribute(OnEventWithMixedPropAttribute event) const {
+  dispatchEvent(\\"eventWithMixedPropAttribute\\", [event=std::move(event)](jsi::Runtime &runtime) {
+    auto payload = jsi::Object(runtime);
+    payload.setProperty(runtime, \\"value\\", jsi::valueFromDynamic(runtime, event.value));
+    return payload;
   });
 }
 
@@ -360,20 +360,20 @@ Map {
 
 namespace facebook::react {
 
-void InterfaceOnlyComponentEventEmitter::onChange(OnChange $event) const {
-  dispatchEvent(\\"paperChange\\", [$event=std::move($event)](jsi::Runtime &runtime) {
-    auto $payload = jsi::Object(runtime);
-    $payload.setProperty(runtime, \\"value\\", $event.value);
-    return $payload;
+void InterfaceOnlyComponentEventEmitter::onChange(OnChange event) const {
+  dispatchEvent(\\"paperChange\\", [event=std::move(event)](jsi::Runtime &runtime) {
+    auto payload = jsi::Object(runtime);
+    payload.setProperty(runtime, \\"value\\", event.value);
+    return payload;
   });
 }
 
 
-void InterfaceOnlyComponentEventEmitter::onDirectChange(OnDirectChange $event) const {
-  dispatchEvent(\\"paperDirectChange\\", [$event=std::move($event)](jsi::Runtime &runtime) {
-    auto $payload = jsi::Object(runtime);
-    $payload.setProperty(runtime, \\"value\\", $event.value);
-    return $payload;
+void InterfaceOnlyComponentEventEmitter::onDirectChange(OnDirectChange event) const {
+  dispatchEvent(\\"paperDirectChange\\", [event=std::move(event)](jsi::Runtime &runtime) {
+    auto payload = jsi::Object(runtime);
+    payload.setProperty(runtime, \\"value\\", event.value);
+    return payload;
   });
 }
 
@@ -576,11 +576,11 @@ Map {
 
 namespace facebook::react {
 
-void InterfaceOnlyComponentEventEmitter::onChange(OnChange $event) const {
-  dispatchEvent(\\"change\\", [$event=std::move($event)](jsi::Runtime &runtime) {
-    auto $payload = jsi::Object(runtime);
-    $payload.setProperty(runtime, \\"value\\", $event.value);
-    return $payload;
+void InterfaceOnlyComponentEventEmitter::onChange(OnChange event) const {
+  dispatchEvent(\\"change\\", [event=std::move(event)](jsi::Runtime &runtime) {
+    auto payload = jsi::Object(runtime);
+    payload.setProperty(runtime, \\"value\\", event.value);
+    return payload;
   });
 }