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The increase in electronic banking transactions has made the Central Bank of Nigeria (CBN) reduce the minting of the Naira.
The CBN Deputy Governor, Economic Policy Directorate, Dr Kingsley Obiora, disclosed this over in Abuja.
According to him, many major economies of the world have started reducing the use of cash as a form of business transaction.
He noted that in South Korea, 77 per cent of the people no longer use cash to do payments, while 30 per cent of the population in the Philippines don’t use cash as a form of exchange.
Obiora said in Nigeria, the reduction in the use of cash as a medium of exchange has led to an explosion in electronic businesses.