Nigerian banks have issued a notification that they would start rejecting old £20, £50 notes after fixing December 31 as the deadline for customers to deposit their notes.
In a statement issued by banks, customers have been warned that banks will no longer accept the old notes at the end of this year.
The Bank of England, UK, had introduced a new polymer design of £50 note into circulation effective June 23, 2021.
The new note, it was gathered, features the portrait of scientist, Alan Turing, with the conversion of paper GBP denominations to the polymer.
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Fidelity Bank of Nigeria, in an email to customers, disclosed:
“The Bank of England has announced the withdrawal of paper 20 euros and 50 euros 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 the 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.”
The old paper £20 features Adam Smith while the old paper £50 features Mathew Boulton and Engineer James Watt.
In the meantime, the withdrawal date of the banknotes, as announced by the Bank of England, is September 30, 2022.
