Following a notice given by the Bank of England to withdraw £50 and £20 paper notes from circulation and subsequent introduction of new polymer notes, deposit money banks in Nigeria have issued a deadline of December 31, 2021 for the acceptance of the old £20 and £50 notes to enable proper conclusion of cash evacuation.
One of the banks, Heritage Bank in an email to its customers titled, ‘Pound Sterling notes out of circulation’, stated that from January 1, 2022 Heritage Bank will stop accepting paper notes of £50 and £20 in all Experience Centres nationwide
“We recommend you to deposit all £50 and £20 paper notes in your possession at any of our Experience Centres near you on or before December 31, 2021 to avoid losing the value of your money.
In the same vein, Fidelity Bank Plc, also sent its own email to its customers titled ‘Withdrawal of old 20 and 50 GBP notes from circulation’.
The message stated, “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.
