Nigerian banks to stop accepting old £20, £50 notes Weeks From Now, in a circular that was passed today, local banks operating in Nigeria, are expected to stop accepting old £20 and £50 notes starting from December 31, 2021. This is in accordance to the UK’s plan to enable proper conclusion of cash evacuation.
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This was disclosed today in an email sent out by Fidelity Bank Plc to thier esteemed customers, on Wednesday, Nov 3, titled “Withdrawal of old 20 and 50 GBP notes from circulation”, which read;
“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.
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“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.
The bank went further to to advice their customers to use or deposit their paper GBP notes into your Fidelity Bank domiciliary account by December 31, 2021 to avoid a loss in the value of your money.”