Nigerian banks issue deadline on accepting Old £20, £50 notes from customers
Deposit Money Banks (DMBs) in the country have informed customers of a December 31 deadline for acceptance of the Old British Pound notes of £20, £50 denominations.
The banks said the decision is to enable proper conclusion of cash evacuation.
Fidelity Bank Plc, which disclosed this in an email to its customers, Wednesday titled; ‘Withdrawal of old 20 and 50 GBP notes from circulation,’ said the decision was taken along with the DMBs in the country.
“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,” the bank said in the notice.