Professor Sunday Adewunmi has urged the Central Bank of Nigeria to embed security chips on the Naira for easy tracking of every note in circulation.
According to The Sun Newspaper, the professor said this in a maiden inaugural lecture of the Federal University of Lokoja which was tagged ‘’Algorithms makes sense out of nonsense’’
He was quoted to have 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.
“It is about time the CBN implemented a solution of this nature if, as a nation, we must solve challenges of corruption and incessant kidnappings in the society.’’
The lecturer urged the government to concentrate on how to programme the hardware in order to have effective control over it.
Adewumi said the suggestion can only be achieved through a thorough knowledge of algorithm.
The lecture which was part of the maiden convocation of the university started with a tree planting, the main event will take place tomorrow with awards presented and the launch of N5billion endowment form for the University.