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Nigerian banks to stop accepting old £20, £50 notes by December 2021

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Grace Cofie

Deposit Money Banks in Nigeria have issued a deadline of December 31, 2021 for the acceptance of old £20 and £50 notes in a bid to enable and ensure effective process of cash evacuation.

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This statement was disclosed in an email, by one of the Nigerian banks, Fidelity Bank, to its customers on Wednesday.

It 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.

“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.”

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