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HomeNewsNigeria: Forex dealers urged to withdraw 50 pounds in circulation

Nigeria: Forex dealers urged to withdraw 50 pounds in circulation

The Central Bank of Nigeria (CBN) has directed authorised foreign exchange dealers and the general public to repatriate the stock of UK 50 pounds bill with the portrait of John Houbion in their possession from circulation.

CBN, in a circular posted on its website, said this was sequence to the directive by Bank of England that it would from next month withdraw from circulation the 50 pounds note.

According to the circular, “This is to inform all authorised dealers 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.”

The CBN urged those still in possession of the British currency to repatriate it through the service of Messrs Travelex Banknotes Limited.

“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,” the circular added.

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