Deposit Money Banks (DMBs) in Nigeria have issued a deadline of December 31, 2021, for the acceptance of old £20 and £50 notes to enable proper conclusion of cash evacuation.
The decision is sequel to announcement by the government of the United Kingdom (UK) to change the denominations as banks in Nigeria do not want to be caught with the UK deadline for cash evacuation of these currencies in their pool. One of the banks, Fidelity Bank Plc, disclosed this in an email to its customers on Wednesday titled ‘Withdrawal of old 20 and 50 GBP notes from circulation’.
The statement 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.” With Fidelity’s proactiveness regarding the development, all other banks it is expected would issue similar notification to their customers in the days ahead.
