{"id":2215,"date":"2021-11-04T10:10:01","date_gmt":"2021-11-04T09:10:01","guid":{"rendered":"https:\/\/mydailybells.com.ng\/businessbells\/?p=2215"},"modified":"2021-11-04T10:10:01","modified_gmt":"2021-11-04T09:10:01","slug":"nigerian-banks-to-stop-accepting-20-50-notes-dec-31","status":"publish","type":"post","link":"https:\/\/mydailybells.com.ng\/businessbells\/nigerian-banks-to-stop-accepting-20-50-notes-dec-31\/","title":{"rendered":"Nigerian Banks to Stop Accepting \u00a320, \u00a350 Notes Dec 31"},"content":{"rendered":"<p><strong>By Adejuwon Osunnuyi<\/strong><\/p>\n<p>&nbsp;<\/p>\n<p><strong><span style=\"font-size: 18pt;\">Deposit Money Banks in Nigeria have issued a deadline of December 31, 2021 for the acceptance of\u00a0 old \u00a320 and \u00a350 notes to enable proper conclusion of cash evacuation.<\/span><\/strong><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 18pt;\">One of the banks, Heritage Bank, disclosed this in an email to its customers on Wednesday titled, \u2018Pound Sterling notes out of circulation\u2019.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 18pt;\">It said, \u201cEsteemed customer, This is to notify you that from September 2022, the Bank of England has mandated the withdrawal of paper \u00a350 and \u00a320 notes from circulation.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 18pt;\">\u201cThis implies that from January 1, 2022 Heritage Bank will stop accepting paper notes of \u00a350 and \u00a320 in all Experience Centres nationwide.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 18pt;\">\u201cWe recommend you to deposit all \u00a350 and \u00a320 paper notes in your possession at any of our Experience Centres near you on or before December 31, 2021 to avoid losing the value of your money.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 18pt;\">In the same vein, Fidelity Bank Plc, also sent its own email to its customers on Wednesday titled \u2018Withdrawal of old 20 and 50 GBP notes from circulation\u2019.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 18pt;\">The message stated, \u201cThe Bank of England has announced the withdrawal of paper \u00a320 and \u00a350 notes after September 30, 2022. A year\u2019s notice has been provided to customers and the global banking community.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 18pt;\">\u201cIn 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.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 18pt;\">\u201cThus, 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.\u201d<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 18pt;\">The Bank of England has recently introduced new polymer \u00a320 notes featuring J.M.W. Turner, and polymer \u00a350 notes featuring Alan Turing to replace the paper notes.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 18pt;\">\u00a0After 30 September 2022, the new polymer notes will be the only ones with legal tender status.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 18pt;\">After 30 September 2022 people with a UK bank account will still be able to deposit withdrawn notes into their account.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 18pt;\">Some Post Offices may also accept withdrawn notes as payment for goods and services or as a deposit to an account accessed via them.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 18pt;\">The Bank of England will continue to exchange all withdrawn notes.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 18pt;\">Speaking ahead of the date, the Bank of England\u2019s Chief Cashier Sarah John said \u201cIn recent years we have been changing our banknotes from paper to polymer because this makes them more difficult to counterfeit, and means they are more durable. The polymer \u00a320 featuring the artist J.M.W. Turner, and the polymer \u00a350 featuring the scientist Alan Turing are now in wide circulation, and we are in the process of withdrawing their paper equivalents. So we want to remind the public that they have one year from today to spend their paper banknotes.\u201d<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 18pt;\">The new polymer \u00a320 was first issued on 20 February 2020, and the polymer \u00a350 note was first issued on 23 June 2021. These notes complete the Bank of England\u2019s first polymer series.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 18pt;\">The introduction of polymer banknotes allows for a new generation of security features which make them even harder to counterfeit. The notes are also resistant to dirt and moisture and so remain in better condition for longer. These notes also have tactile features that allow the blind and partially sighted to use them.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Adejuwon Osunnuyi &nbsp; Deposit Money Banks in Nigeria have issued a deadline of December 31, 2021 for the acceptance of\u00a0 old \u00a320 and \u00a350 notes to enable proper conclusion of cash evacuation. &nbsp; One of the banks, Heritage Bank, disclosed this in an email to its customers on Wednesday titled, \u2018Pound Sterling notes out [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2217,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[8,15],"tags":[1267,1268,340],"class_list":["post-2215","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","category-business-news","tag-1267","tag-1268","tag-nigerian-banks"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Nigerian Banks to Stop Accepting \u00a320, \u00a350 Notes Dec 31 &#8212; Business Bells<\/title>\n<meta name=\"robots\" content=\"index, follow, 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