In order to prevent counterfeiting, the Central Bank of Nigeria (CBN) has ordered banks to record the serial numbers of every new Naira notes that are withdrawn.
According to bank employees, whenever consumers make withdrawals, they are required to record all of the serial numbers of the new Naira notes.
As promised by the central bank, banks began distributing the new Naira notes on December 15 in a limited number. Most banks only have N1,000 notes on hand because the majority of the lesser denominations have not yet been released.
The orders to note the notes’ serial numbers appear to be a component of the central bank’s efforts to follow the money supply’s flow beginning at its source.