Nigerian banks to stop accepting old £20, £50 notes

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Nigerian Deposit Money Banks have set a limit of December 31, 2021 for the acceptance of old £20 and £50 notes in order to complete the cash evacuation process properly.

Fidelity Bank Plc, one of the banks, informed its clients on Wednesday in an email headlined ‘Withdrawal of old 20 and 50 GBP notes from circulation.’

It said, “The Bank of England has announced the withdrawal of paper £20 and £50 notes after September 30, 2022. A year’s notice has been provided to customers and the global banking community.

“In view of this, Fidelity Bank, alongside other Deposit Money Banks in Nigeria, has issued a deadline of December 31, 2021 for acceptance of the stated denominations from the public to enable proper conclusion of cash evacuation.

“Thus, we advise you to use or deposit your paper GBP notes into your Fidelity Bank domiciliary account by December 31, 2021 to avoid a loss in the value of your money.”

 

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