In a large mixing bowl, beat pudding mix and milk for 2 minutes.
Once pudding is firm, fold in 1 (8 oz.) of whipped topping and vanilla extract.
In a glass serving bowl, layer wafers, bananas, pudding, and whipped topping.
Garnish crushed vanilla wafers and lightly sprinkle on cinnamon and nutmeg.
Refrigerate for at least 6 hours. 24 hours would be even better.