‘We Were Told To Write Down Serial Numbers Of New Naira Notes’ – Bank Staff

The central bank appears to have instructed commercial banks to take down serial numbers of new naira notes whenever it is withdrawn. 

Also: Newly Redesigned Naira Notes Already In Banks Awaiting… Emefiele

The Eagle reports that Commercial banks in major cities in Nigeria have started paying out the newly redesigned naira notes to over-the-counter customers on Thursday 15th of December as promised by the central bank.

Operations staff of some of Nigeria’s commercial banks were instructed to write down all the serial numbers of the new naira notes whenever customers make withdrawals. The staff requested anonymity as they feared being punished, Nairametetrics reports. 

Investigation reveals the notes available for most banks are the N1000 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.

However, rather than take them down manually like they currently do with the new naira notes, they do so using cash counting machines.

According to a banker, the existing cash counting machines do not have the same features for naira withdrawals. Nairametrics cannot confirm if this is the case for all banks.  

Recall that the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele had on October 26, 2022 said the apex bank will issue redesigned N200, N500, and N1,000 notes, effective December 15, 2022, while the new and existing currencies will remain legal tender and circulate together until January 31, 2023.

President Muhammadu Buhari subsequently unveiled the newly designed notes on Wednesday, November 23, 2022.

The apex bank ordered Deposit Money Banks (DMOs) and other financial institutions to ensure that weekly over-the-counter (OTC) cash withdrawals by individuals and corporate entities do not exceed N100,000 and N500,000, respectively.

CBN said the regulatory directives take effect nationwide from January 9, 2023.

The CBN further fixed daily maximum withdrawals via point of sale (PoS) and Automatic Teller Machine (ATM) terminal at N20,000 and said only denominations of N200 and below shall be loaded into the ATMs.