Tuesday, November 30, 2021
HomeBusinessNigerian Banks to Reject Old £20, 50 Notes from January 2022

Nigerian Banks to Reject Old £20, 50 Notes from January 2022

Nigerian banks have issued a notification to their customers that from January 1, 2022, they will stop receiving old £20 and £50 notes.

The financial institutions said the decision is in line with the Bank of England’s introduction of a new polymer design of £50 note, which has been in circulation since June 23, 2021.

A notice by Fidelity Bank 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, 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.”

The management of Keystone Bank Limited said its branches “will only accept polymer notes from all customers” from January 1, 2022.

According to a press release by the Bank of England, the bank stated that it will be withdrawing the legal tender status of the paper £20 and £50 notes after 30th September 2022, and is encouraging anyone who has these notes at home to spend or deposit them at their bank or Post Office.

Sarah John, the Chief Cashier of the Bank of England said the new polymer notes are more difficult to counterfeit and have more durability.

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