Nigerian Banks To Stop Accepting Old £20, £50 Notes From Dec 31

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Nigerian Banks To Stop Accepting Old £20, £50 Notes From Dec 31

From December 31, 2021, banks in Nigeria will no longer accept old £20 and £50 notes.

This is to enable proper conclusion of cash evacuation.

Fidelity Bank Plc disclosed this in an email to its customers on Wednesday, Nov 3, titled "Withdrawal of old 20 and 50 GBP notes from circulation".

The email said, “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."