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Nigerian banks to reject old £20, £50 British pounds note

Nigerian banks

Nigerian banks have informed customers and staff that from December 31, old £20 and £50 British pound notes will be rejected.

In a circular seen by Ripples Nigeria, banks in a short sentence stated that the old notes would no longer be accepted by the end of the year.

The decision was in line with the Bank of England, UK, which introduced a new polymer design of £50 note which has been in circulation since June 23, 2021.

The now accepted new note in UK features the portrait of scientist Alan Turing with the conversion of paper GBP denominations to the polymer.

The old paper £20 (with features of Adam Smith), and the old paper £50 (with features of Mathew Boulton and Engineer James Watt) will circulate until the published withdrawal date of September 30, 2022, as announced by the Bank of England

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“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, Fidelity bank, disclosed in an email to customers on Wednesday.

“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.”

Other banks to have issued similar directives included Wema and Zenith banks.

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