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Banks issue deadline for acceptance of old £20, £50 notes

“The Bank of England has announced the withdrawal of paper £20 and £50 notes after September 30, 2022.”

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Deposit Money Banks in Nigeria have disclosed that December 31, 2021 is the dealine for the acceptance of  old £20 and £50 notes to enable proper conclusion of cash evacuation.

Fidelity Bank Plc, in an email to its customers on Wednesday titled ‘Withdrawal of old 20 and 50 GBP notes from circulation’.

According to it, “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.”

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David Oladele is the Business Correspondent, TechEconomy.ng. All Correspondence to: [email protected]

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