The Bank of England will on April 30 withdraw £50 bill (with the portrait of John Houblon) from circulation, the Central Bank of Nigeria has said.
As a result, the CBN has informed all its authorised foreign exchange dealers and the general public to repatriate the stock of £50 bill in their possession before this date as it will cease to be legal tender.
The central bank, in a circular signed by the acting Director, Trade and Exchange Department, Mr. J.O Adewole, advised the dealers to make use of the services of Travelex Banknotes Limited to return their stock of the £50 bill.
The circular was entitled, “withdrawal of £50 (John Houblon) notes from circulation by the Bank of England on April 30, 2014.”
The circular reads, “This is to inform all authorised dealer and the general public that the Bank of England will be withdrawing the £50 bill (with the portrait of John Houblon) from circulation and will cease to be legal tender with effect from April 30, 2014.
“In view of this development, authorised dealers in possession of the currency note and who wish to repatriate their stock of it may avail themselves of the services of Messrs Travelex Banknotes Limited.”