By John Ikani
Deposit money banks in Nigeria have issued deadline for the acceptance of old £20 and £50 notes.
The issuance of the deadline December 31, 2021 comes months after the Bank of England announced the withdrawal of paper £20 and £50 notes after September 30, 2022.
The banks explained that the December 31 deadline is targeted at enabling proper conclusion of cash evacuation.
One of the banks, Fidelity Bank Plc, disclosed this in an email to its customers on Wednesday titled ‘Withdrawal of old 20 and 50 GBP notes from circulation’.
The mail 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.
“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.”
