Nigerian banks to reject old £20, 50 notes in 2022

From January 1, 2022 Nigerian banks will reject old British Pounds notes of £20 and £50 denominations.

Some banks have notified their customers about their position.

The banks said this is 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.

Thus, the notices from the banks said the old notes would no longer be accepted by the end of the year.

It was gathered that new notes in the UK have new features like the portrait of scientist Alan Turing with the conversion of paper GBP denominations to the polymer.

The old paper £20 and the old paper £50 will circulate until the published withdrawal date of September 30, 2022, as announced by the Bank of England.

Fidelity bank in it’s notice 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, Fidelity bank, disclosed in an email to customers on Wednesday” the notice said.

“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,” it stated further.

“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 bank advised.

(Daily Trust)