TheCable

Nigerian banks have fixed December 31 as deadline for customers to deposit their £20 and £50 notes.

According to circulars seen by TheCable, banks notified customers that they would 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.

TheCable 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 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. 

“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.”

Wema and Zenith banks have also issued directives to their staff for the due date.