New Naira notes marked, traceable as banks write down serial number given to customers

The Central Bank of Nigeria has directed banks to take down serial numbers of new Naira notes whenever it is withdrawn. Bank staff has said that they were instructed to write down all the serial numbers of the new Naira notes whenever customers make withdrawals.  Banks started giving out the new Naira notes in limited amount on the 15th of December as promised by the central bank. Notes available to most banks are the N1,000 notes as most of the lower denominations are yet to be released.  When asked why they take down serial numbers, some of the bank staff suggest it is similar to how serial numbers of dollar bites are being taken down by banks.

 The instructions to write down serial numbers of the notes appears to be part of the central bank’s plans to track the flow of money supply starting from the source. With this action cash spent can be traced back to the source of withdrawals and even deposits.  Recall that on October 26, the CBN governor announced plans by the apex bank to redesign the N200, N500 and N1000 by December 15, 2022, to control the money supply and aid security agencies in tackling illicit financial flow.