Gtbank, Fidelity Bank Announces Date to withdraw £20, £50 Notes

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Gtbank, Fidelity Bank Announces Date to withdraw £20, £50 Notes

Deposit Money Banks 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.

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’.
It 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.”
Gtbank, in an email forwarded to its customers said “As new £20 and £50 polymer notes have been issued by the Bank of England, your paper notes for these denominations will be going out of circulation.
“You are hereby advised that from January 1st, 2022, we will no longer be accepting £20 and £50 paper notes at any of our branches.
“These paper banknotes may be deposited by December 31st, 2021.”
The United Bank of Africa, Uba, also stated that “In line with our promise to keep you up to date on policies that may affect you, please note that the Bank of England will be withdrawing £50 and £20 paper notes from circulation effective September 30th, 2022.

How does this affect you?

“By April 1st, 2022, we will stop accepting £50 and £20 paper notes from customers at all our branches across Africa and so we advise that you deposit any paper notes that you may have before March 31st, 2022.” UBA states.

 

 

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