The Central Bank of Nigeria has instructed commercial banks to write down serial numbers of new naira notes withdrawn.
Note that banks have started giving out the new notes as of yesterday the 15th of December just as the CBN has instructed. Reports also revealed that the notes available for most banks are the N1000 notes, while the lower denominations are yet to be released.
Read Also: CBN Limits Cash Withdrawals To N100k, N500k
What Is The Reason Behind Taking Down Of Serial Numbers
The reason could be that CBN wants to go the western way because this is how serial numbers of dollar bites are taken down by banks. Instead of taking them down manually like they currently do with the new naira notes, they want to start using cash-counting machines.
The existing cash counting machines do not have the same features for naira withdrawals. This might not be so for all banks.
Background to the Story
The Central Bank of Nigeria (CBN), has announced that over the-the-counter cash withdrawals by individuals and corporate entities do not exceed N100,000 and N500,000 respectively, weekly. All deposit money banks and other financial institutions are mandated to adhere to this.
This was disclosed in a circular issued today by the apex bank and will take effect nationwide on January 9, 2023.
It was also revealed that all cash withdrawals above the stated limits will attract processing fees of 5% and 10% respectively, once the policy is implemented.
The new policy is coming barely weeks after President Muhammadu Buhari launched the newly redesigned N200, N500, and N1000 banknotes.
Conclusion
The instructions to write down serial numbers of the notes appears to be part of the CBN’s plan to track the flow of money supply and its source. With this, cash can be traced back to the source of withdrawals and deposits.
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