From December31,2021, Nigerian banks will no longer accept old £20 and £50 notes.
This is to ensure that the cash evacuation is completed properly.
Fidelity Bank Plc informed its clients on Wednesday, November 3 in an email headed “Withdrawal of outdated 20 and 50 GBP notes from circulation.”
“The Bank of England has announced the discontinuation of paper £20 and £50 notes beyond September30,2022,” according to the email. Customers and the worldwide financial community have been given a year’s notice.
“In light of this, Fidelity Bank, together with other Deposit Money Banks in Nigeria, has set a deadline of December31, 2021 for the public to accept the indicated denominations in order to complete the cash evacuation process properly.”
“To avoid a loss in the value of your money, we recommend that you utilize or deposit your paper GBP notes into your Fidelity Bank domiciliary account by December31, 2021.”