Categories: Business

Nigerian Banks to Reject Old £20, £50 Notes From December 31

Nigerian banks have issued a notification that they would start rejecting old £20, £50 Notes after fixing December 31 as deadline for customers to deposit their notes.

In a directive 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.

ARISE News understands that the new note features the portrait of scientist Alan Turing with the conversion of paper GBP denominations to the polymer.

The old paper £20 (with features of Adam Smith), and the old paper £50 (with features of Mathew Boulton and Engineer James Watt) until the published withdrawal date of September 30, 2022, as announced by the Bank of England

“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, Fidelity bank, disclosed in an email to customers on Wednesday.

“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.”

Omotayo Araoye

Follow us on:

AriseNews

Recent Posts

Matt Gaetz To Exit Congress Following Withdrawal As DOJ Nominee Amid Controversy

Matt Gaetz has said he will not return to Congress after withdrawing as Trump’s DOJ…

2 hours ago

Tinubu Seeks Senate Approval For Oluyede As Chief Of Army Staff

President Tinubu has sought Senate confirmation of Olufemi Oluyede as Chief of Army Staff, citing…

2 hours ago

Netanyahu Risks Arrest in UK as ICC Issues Warrant Against Him For War Crimes

Israeli PM Netanyahu faces potential arrest in the UK as Downing Street pledges to fulfill…

5 hours ago

Second Australian Teen Dies from Suspected Methanol Poisoning in Laos

A second Australian teenager has died of suspected methanol poisoning in Laos, bringing to six…

5 hours ago

Simon Ekpa Arrested, Denies Being IPOB Leader + Atiku Says Tinubu’s Loans Are Bone-Crushing – Trending With Ojy Okpe

https://www.youtube.com/watch?v=mFlFl1mPGC8 The arrest of self-proclaimed Prime minister of the Biafra Republic, Simon Ekpa who was…

6 hours ago

Gatwick Airport South Terminal Evacuated, Bomb Disposal Team Deployed Suspicious Item Found In Luggage

Gatwick Airport's South Terminal was evacuated after a suspected prohibited item was found, prompting bomb…

6 hours ago