£20/£50 Note: First Bank joins WEMA in January 2022 deadline
First Bank of Nigeria has given its customers until the 1st of January 2022 to deposit £50 and £20 notes.
“To facilitate the return of the old notes in circulation, we will stop accepting deposits of the £50 and £20 notes in all our branches from 1 January 2022,” The Bank said in an email to its customers seen by Peoples Gazette.
Following the Bank of England’s announcement that it would be withdrawing the £20 and £50 notes after September 2022, Nigerian banks such as First Bank and WEMA have given their customers a January 2022 deadline to deposit the notes.
The Gazette had reported in early November that the Bank of England will be changing its notes from paper to polymer to make them harder to counterfeit and more durable.
The bank announced that it is in the process of withdrawing the paper equivalents of the banknotes and with the release of its new polymer £20 on February 20, 2020, and the polymer £50 note released on June 23, 2021.
The polymer banknotes would provide a new set of security features, and make it difficult to counterfeit. It also has haptic elements that make them accessible to the blind and partially sighted.
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
States
Independence: NBA urges Nigerians to expect better future
The NBA said that ordinary Nigerians should be deriving benefit from the subsidy removal rather than hardship.
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
Heading 5
NILDS seeks stronger role for women in governance
According to the DG, democracy in Nigeria has come to stay and requires collective commitment.
Lagos
Lagos recruits 45 personnel to boost enforcement on Lekki-Epe corridor
Mr Osiyemi noted that the corridor had staffing challenges that slowed down operations.
Heading 2
Education minister inaugurates Nigeria’s first robotic surgery academy
Mr Alausa said the initiative would expand advanced medical training.
Health
Pate warns politicians against politicising Ebola case
Mr Pate said health is a unifying issue that transcends political, ethnic and religious affiliations.
Economy
Tinubu’s economic reforms paving way for prosperity: Minister
The minister explained that the reforms were deliberate and courageous, aimed at addressing longstanding structural weaknesses.
Health
Kaduna expands last-mile health supply project to 1,000 facilities
Ms Isyaku said four zonal warehouses in Ikara, Sabon Gari, Zaria and Kafanchan, established under the project, were operational.
