Fact-Check: Is it true that the UK government will phase out £50 and £20 notes by September 2022?

Fact-Check: Is it true that the UK government will phase out £50 and £20 notes by September 2022?

Claim: A Whatsapp message in circulation claim that the UK government will phase out £50 and £20 notes by September 30, 2022.

Full Text: A text which is now circulating on Whatsapp and Facebook as a warning reads: “The UK phasing out £50 & £20 notes by *September 30,2022*. All those that have stored £50 notes in Nigeria, especially these BDC operators will be forced to flood the market with these £20 and £50 notes. Beware when buying from them cos they will still sell to Nigerians after that date.”

Verification:

An investigation by PRNigeria revealed that online UK media organizations such as the DerbyshireLive, NationalWorld, EXPRESS, and the BBC had published that the Bank of England has issued an important update, reminding Britons that £20 and £50 paper notes will soon become obsolete, prompting people to make use of them while they can.

A check on the official website of the Bank of England revealed that the UK government is only migrating from paper to polymer notes of the same denomination. 

Under the “banknotes” page of the website in the subsection “exchanging old banknotes”, the Bank of England said, “We have issued new £20 and £50 notes made of polymer. 30 September 2022 is the last day you can use our paper £20 and £50 notes.” 

The Bank has said that more than £17bn worth of paper notes remain in circulation.

The paper notes are common legal tenders across the UK and are used on a day-to-day basis.

Conclusion:

Based on the available facts gathered by PRNigeria, it is not true that the UK Government is “phasing out” £50 and £20 notes by September 30, 2022 it is only exchanging the paperback for the polymer notes of the same denominations. 

Verdict: 

Paper notes of £50 and £20 will soon be put out of use and replaced with polymer notes. It is therefore NOT TRUE that the denomination will be completely phased out. As of September 30, 2022, the paper note will no longer be legal tender. 

PRNigeria therefore confirms that the new polymer £5 notes issued on September 13, 2016; polymer £10 notes issued on September 14, 2017, polymer £20 notes issued on February 20, 2020 and Polymer £50 notes issued on June 23, 2021 will remain legal tender.  

By PRNigeria