By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-The central bank of Nigeria (CBN) has announced the withdrawal of GBP 50.0 (£50) John Houblon notes by the Bank of England (BoE).

This is contained in a circular by J.O Ajewole, acting director, trade and exchange department with reference number TED/FEM/FPC/GEN/01/009 and dated March 21, 2014.

The Nigeria’s central bank its notifying all authorised foreign exchange dealers and the general public that the BoE will on April 30 withdraw £50 bill with the portrait of John Houblon from circulation as a result it ceases to be legal tender.

The CBN has directed all with the £50 notes to send them back before the April 30, 2014 deadline.

The circular titled, “Withdrawal of GBP 50.0 (John Houblon) notes from circulation by the Bank of England on April 30, 2014” reads thus: “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.”

In mid January 2014, BoE had advised people to spend bank notes bearing portrait of Houblon who is first governor of Bank of England by April 30, 2014.

The Guardian of the UK had reported that around 63 million £50 banknotes bearing the portrait of Houblon are to be withdrawn from circulation on or before the April 30, deadline.

It reported that around 224 million £50 notes worth £11.2 billion are in circulation, of which the Bank estimates 63 million with a total value of £3.2 billion are Houblon notes.