Liberia: Central Bank of Liberia Sets May 15 As New Cut Off Time for Replacement of Old Banknotes

2 April 2024
FrontPageAfrica (Monrovia)

Monrovia — The Central Bank of Liberia (CBL) has announced an extension of the deadline for the currency exchange exercise, providing relief for citizens who have yet to exchange their old banknotes. The new deadline, set for May 15, 2024, comes after the CBL Board of Governors convened an emergency meeting on Friday, March 29, 2024.

The decision to extend the deadline was made in light of various challenges impacting the original March 31st deadline. Factors such as challenging road conditions in southeastern and Lofa counties, the recent General and Presidential Elections, the intensity of the run-off Presidential Election, and ongoing transitional processes have all contributed to delays in the currency exchange process. The CBL expressed caution in moving cash across the country during these sensitive periods.

The extension means that the old banknotes, known as Liberian Series 1 (LS1) and Liberian Series 2 (LS2) banknotes printed before 2021, will remain legal tender until May 15, 2024. Citizens can continue to utilize these banknotes for purchasing goods and services within Liberia.

However, after the new deadline, the old banknotes will no longer be accepted for exchange at commercial banks and Rural Community Finance Institutions (RCFIs). The exchange exercise will solely take place at CBL facilities across the country.

The CBL has urged the public to take advantage of this extension to exchange their old banknotes and has called upon the business community to continue accepting the old banknotes and depositing them at commercial banks and RCFIs in exchange for the new currency.

In a statement, the CBL expressed gratitude to all stakeholders, particularly the Executive and the National Legislature, for their support in this national endeavor. The Bank emphasized the importance of public cooperation with the new deadline to ensure the successful completion of the currency exchange exercise.

The extension of the deadline aims to facilitate a smoother transition for citizens and businesses alike, ensuring the effective implementation of the new currency exchange system in Liberia.

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