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Nigerian banks to reject deposits of old £20 and £50 by January 2022

T.I Ukende
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Commercial banks in Nigeria has begun the circulation notices to customers alerting them of the banks plan to reject deposits made in old £20 and £50 by the coming year.

This according to a mail by Fidelity Bank has become necessary because the Bank of England has sent notification to customers and the global banking community one year ahead of time. 

The Bank of England wishes to discontinue the issuance of the old £20 and £50 with plans to reproduce same denominations on polymers in order to reduce production cost.

The bank however said, those in possession of such denominations should make haste and deposit them before the deadline (September 30th 2022).

The Nigerian banks has given their deadline earlier than that of the Bank of England, the statement reads thus;

“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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