May 26, 2018

Naira notes should have chips embedded in them – Don advises CBN

Naira notes should have chips embedded in them – Don advises CBN

A university don has called on the Central Bank of Nigeria to insert security chips on the nation’s currency notes for easy tracking of every naira in circulation. Prof. Sunday Adewumi made the call on Thursday in a maiden Professorial Inaugural Lecture of the Federal University of Lokoja, tagged: “Algorithms Makes Sense out of Nonsense’’.

The don said that naira notes could be programmed to carry strip of chip containing some vital information that could be used to trace its whereabouts, whenever the need arises. He said, “It is about time that the CBN implements a solution of this nature, if as a nation we must solve the challenges of corruption and incessant kidnappings in the society.

“We should embed a chip in the naira note as part of its security features, which can help locate the whereabouts of any note, once the number on the note is established. “Tracking the naira is a task that must be done; monies carried in bullion vans can be tracked without the use of siren, since each note has a number. “Once that number is known, a single naira note can be tracked the same way technology has been used, to track cars and other objects.” Read more

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