Nigerian Banks Warn Customers Keeping Old 50, 20 British Pounds Note to Present it Before December 31
- Nigerian banks have instructed customers or anyone with old £20 and £50 notes to spend it before December 31, 2021
- In March 2021, Governor of Bank of England, Andrew Bailey unveils the design of the new £50 banknote featuring scientist Alan Turing
- Alan Turing is best known for his codebreaking work at Bletchley Park, which helped end the Second World War
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Nigerian banks have informed customers and staff that from December 31, £20 and £50 notes will be rejected.
In a circular, banks stated that the old notes would no longer be accepted by the end of the year.
The decision is in line with the Bank of England, UK, which introduced a new polymer design of £50 note which has been in circulation since June 23, 2021.
Source: Getty Images
The now accepted new note in UK features the portrait of scientist Alan Turing with the conversion of paper GBP denominations to the polymer and the old £50 (with features of Mathew Boulton and Engineer James Watt).
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A statement from Fidelity bank reads:
“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 the 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.”
Other banks to have issued similar directives include Wema and Zenith banks.
CBN urges Nigerians to trust eNaira
In other news on Friday, February 5, 2021, the Central Bank of Nigeria (CBN) issued a directive to banks to stop facilitating payment for cryptocurrency.
The directive followed with CBN launching its own digital currency called eNaira on Monday 25 October 2021.
Despite several hitches and complaints, CBN has promised Nigerians that eNaira is more reliable than any cryptocurrency.
Source: Legit.ng
