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Banks to document serial number of new naira notes during withdrawal – CBN
As promised by the central bank, banks began issuing the new naira notes on December 15th. According to RNN’s analysis, the most common…
When new naira notes are withdrawn, it appears that the central bank has instructed commercial banks to record the serial numbers.
Several Nigerian commercial banks’ operations personnel reportedly received instructions to record all of the new naira notes’ serial numbers whenever consumers withdraw money, according to Nairametrics. The employees asked for anonymity out of concern for their safety.
As promised by the central bank, banks began issuing the new naira notes on December 15th. According to RNN’s analysis, the most common bank notes are the N1000 bills because the majority of the lesser denominations have not yet been made available.
Some bank employees explain that the reason they remove serial numbers is identical to the reason banks remove dollar-bite serial numbers when questioned why they do so.
However, they do it using cash counting machines rather than manually taking them down as they currently do with the new naira notes.
An existing cash counting machine does not offer the same characteristics for naira withdrawals, a banker claims. RNN is unable to confirm whether this is true for all banks.
READ MORE: Naira re-design: CBN Spends N281bn To Print New Notes
Remember that the central bank recently declared the release of new naira notes and set January 31 as the deadline for the withdrawal of the previous notes.
Additionally, the apex bank recently established new cash withdrawal caps of around N100k for individuals and N500k for businesses per week.
The central bank’s plans to track the flow of money supply beginning at the source appear to include instructions to note the serial numbers of the notes. This operation allows cash expenditures to be linked to the origin of withdrawals and even deposits.
Remember that the CBN governor declared on October 26 that the apex bank intended to redesign the N200, N500, and N1000 by December 15, 2022, in order to regulate the money supply and support security agencies in combating illicit financial movement.