Deposit Money Banks will stop accepting £20 and £50 notes after December 31, 2020.
One of the bank, Guaranty Trust Bank announced this in a notice to customers seen by THE WHISTLER.
The issuer of the notes, the Bank of England will be withdrawing the legal tender status of the paper £20 and £50 notes from 30 September 2022.
GTBank 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 notes may be deposited by December 31, 2021.”
THE WHISTLER understands that there are about £9bn worth of paper £20 and £15 billion worth of paper £50 notes still in circulation globally.
The polymer £20 was first issued on 20 February 2020, and the polymer £50 note was first issued on 23 June 2021 to complete the bank’s first polymer series.
Also, Fidelity Bank Plc, disclosed the same development in an email to its customers 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.”