When new naira notes are removed, it appears that the central bank has instructed commercial banks to record the serial numbers.
When consumers withdraw money, certain Nigerian commercial banks’ operations staff reported to Nairametrics that they were told to record all of the new naira notes’ serial numbers. 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 Nairametrics’ analysis, the most common bank notes are the N1000 notes because the majority of the smaller denominations have not yet been released.
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. If this is the case for all banks, Nairametrics is unable to confirm this.