mircos:
Thanks for this interesting information!

In the case of “withdrawal for ransom” the withdrawer should pre-inform the bank, so that the money to be withdrawn can be reported to the CBN for it to be marked; and thus, all such notes would be RED-FLAGGED Nationwide.

tk4radi:
In my own personal opinion, I think it is high-time the CBN makes and implement a very strong policy across-the-board to all the deposit-money-banks in Nigeria for the compulsory use of the “Digital Money-Counters” which read the Serial-Numbers on Naira Notes,, and do away with all these existing analogue counters.

These special counters should be connected as “appendage hardwares” to computers; thus, the serial numbers of the cash that are withdrawn and/or deposited by the customers and/or clients of the banks would be recorded and stored in the bank’s database, and be readily released to the CBN at any time they might need it, either for recorded-keeping, statistics, or for tracking-and-tracing of cash.[/b]

Stacks of cash that were previously counted and stored in the vault by such machines should have “Uniquely Generated Stack Codes”, and same should apply to “Bundles”; thus, whenever someone wants to withdraw money, the “Bundle/Stack Scanner” (from ANY bank across-the-board) would just have to scan the “Bundle-Code” or “Stack-Code” (as the case may be) and all the serial-number-identities of all the cash contained in such stacks or bundles (as previously counted and logged in the database) would be recorded against the withdrawer.

For anyone that is paying-in or depositing money, the Money-Counter would have to count all the money all over again, without having to use the “Bundle/Stack Scanner”.

I repeat, This policy would be very helpful for record-keeping purposes, for proper statistics of the money in circulation, as well as for proper tracking and tracing of the cash in circulation.

As for some distress withdrawals (Such as RANSOM), or in the case of theft or robbery where the serial-numbers can easily be ascertained based on the “bundle/stack identities”, such monies can be reported to the CBN by the bank.

In the case of “withdrawal for ransom” the withdrawer should pre-inform the bank, so that the money to be withdrawn can be reported to the CBN for it to be marked; and thus, all such notes would be RED-FLAGGED Nationwide.

Once any Money-Counter (anywhere across the nation) starts seeing any of such money, it would immediately alert the CBN, and the Bank would get the Police to be aware of such discoveries...
With this, it would be very easy to know and track the Depositors of such money, and that would very much aid the Police in their investigations.

This particular policy is not in any way going to violate the “Privacy Policy”.

Once everything is normal, there is no need to violate any privacy policy (the protection of the private information of the customer, and non-disclosure of such private information to any third-party).

But once there are activities in any person’s account that requires the attention of the Law Enforcement Agents, it means that the rights of other citizens are hampered, and thus, “upholding of national values” takes precedence over “Privacy Policy”, even without the attention of the customer/client, so that the law will take its full course, irrespective of the privacy policy.

The Summary Of Everything I Just Wrote Here Is:
“LET CBN MAKE IT A STANDING POLICY FOR ALL THE BANKS IN NIGERIA TO BE USING ‘SERIAL-NUMBER-READING MONEY-COUNTERS’ IN ALL THEIR OPERATIONS”.

Thanksful:


This is a good suggestion but only an Obi government can consider this. Make sure you don't waste your vote. Also be willing to share this with Obi government at the right time.

tk4radi:
Thanks for the appreciation.


Actually, this is not an information.
It's just a suggestion.

From my inquiries and researches so far, such machines are already in existence at the moment., But those countries where such machines exist only use them to track (and/or trace) red-flagged currency-notes, and not for record-keeping nor for statistical purposes.

Akwamkpuruamu:
This deadline de pepper people ọ.

As easy as this may sound, your suggestions, implementing it WON'T be easy for the CBN..

TalkTalkTwins:
I'm laughing because this government won't start any new projects again, they don't need us for any other tenures.
Assuming it was his first, we could have prayed good policies would come up.

Emeka71:
See people using every single opportunity to campaign on this forum.

ecolime:
Brilliant idea.

Infact na you suppose be CBN governor instead of Emefiele.