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LAGOS, Nigeria, Africa -- In an effort to reduce cash circulation by 40 percent, The Central Bank of Nigeria plans to introduce an electronic purse called Valucard, according to Xinhua News Agency.

Valucard is an alternative payment method and is designed to replace cash and coins for everyday transactions.

Three phases are planned for the implementation of Valucard's launching: live test operation, pilot test and nationwide introduction.

The nationwide introduction will mark the final phase of the project.

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