CBN direct Banks to Write Down Serial Numbers of New Naira Notes During Withdrawal

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CBN has reportedly issued a directive to commercial banks to write down serial numbers of the new naira notes during withdrawal for ease of tracking.

 

 

 

 

 

Bank sources said the CBN issued the directive to the commercial banks as they begin to circulate the new notes

 

 

 

The new directive is said to be a way of tracking money supply in the system to avoid money laundering. 

 

 

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A report said operations staff of some commercial banks anonymously disclosed this to journalists, saying they were instructed by the apex bank to write down the numbers each time a customer wants to make a withdrawal.

On Thursday, December 15, 2022, commercial banks in Nigeria began issuing the newly redesigned naira notes.

Investigation revealed that the banks reportedly ran out of the new notes with many customers who rushed to the banks to cash them being left disappointed.

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Other reports say that the lower denominations of the new banknotes are in short supply as only N1,000 notes were available.

Some bank staff said the serial numbers would be noted down automatically by counting machines.

The source said they would be done the way dollar bites are written down by banks.

According to the bank staff, the current counting machines have the features to achieve the CBN’s request.

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Recalls that the CBN announced on October 24, 2022, that it was redesigning certain denominations of the naira notes.

Specifically, the CBN said N200, N500, and N1,000 notes would be redesigned.

President Muhammadu Buhari unveiled the naira notes on November 23, 2022.

New notes would circulate together with old ones until January 31, 2023 when the old ones would cease to be legal tender.

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The recent instructions by CBN to write down serial numbers may be a way for the apex bank to track the supply of money in the system

 

 

 

 

Many Nigerians rushed to the various banks in the country with the hopes of cashing the new notes but were largely disappointed.’

Despite the mixed reactions that trailed the new notes, many banks complained of an inadequate supply

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