Why Nigerian banks go stop to accept old £20, £50 notes by Dec 31

Paper £20 and £50

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Nigeria Deposit Banks don fix December 31 as di last day for all dia customers wey get paper £20 and £50 notes to deposit am for banks.

Di banks dey send circular give dia customers to notify dem since Bank of England don replace dis Great Britain Pounds paper notes wit polymer notes.

Inside notification wey one of di banks send dia customers, dem say: “As Bank of England don issue new £20 and £50 polymer notes, your paper notes wey dey dis denomination go go out of circulation.

New £20

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Di new polymer £20 notes get di foto of J.M.W. Turner.

“You dey advised say from 1 January 2022, we no go dey accept £20 and £50 paper notes for any of our branches. You fit deposit dis paper bank notes by 31 December 2021.”

On 29 September di Bank of England announce say dem go withdraw legal tender status of of di paper £20 and £50 notes afta 30 September 2022.

Di UK apex bank say: “Afta 30 September 2022, di new polymer notes go be di only ones wit legal tender status.”

Di new polymer £20 notes get di foto of J.M.W. Turner, and polymer £50 notes di foto of Alan Turing.

New £50

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Di new polymer £50 notes di foto Alan Turing.

Bank of England Chief Cashier Sarah John say di reason why dem dey change di notes becos e dey hard to make counterfeit of polymer notes.

“In recent years we don dey change our banknotes from paper to polymer becos di dey make dem more difficult to counterfeit, and e mean say dem dey more durable.”

Di new polymer £20 first comot on 20 February 2020, while di £50 first comot on 23 June 2021 and since den di two don dey in circulation.