Rédaction Africa Links 24 with New Dawn
Published on 2024-04-02 02:05:00
The Central Bank of Liberia (CBL) has officially extended the deadline for the currency exchange exercise involving legacy banknotes in Liberia. Due to various factors such as challenging road conditions and recent presidential and legislative elections, the original deadline of 31 March 2024 has been pushed back by six weeks to 15 May 2024.
In an announcement made on April 2, 2024, the CBL revealed that the Board of Governors had decided to prolong the deadline for the termination of the legal tender status of old banknotes. This extension allows for continued exchange through commercial banks and Rural Community Finance Institutions (RCFIs).
The press release cited challenges like difficult road conditions in certain regions, such as the Southeast and Lofa County, as well as the impact of recent elections and the transitional process. These factors made it risky to transport cash across the country during this period.
Under this extension, the old banknotes, known as Liberian Series 1 (LS1) and Liberian Series 2 (LS2) printed before 2021, will remain legal tender until 15 May 2024. Beyond this new deadline, the old banknotes will no longer be accepted for exchange at commercial banks and RCFIs, but only at CBL facilities across Liberia.
The public is urged to take advantage of this extended period to exchange their old banknotes, and businesses are encouraged to continue accepting them and depositing them at commercial banks and RCFIs for the new currency. The CBL expressed its gratitude to all stakeholders, including the Executive and the Legislature, for their support in this national initiative.
The currency exchange program was initiated before the most recent legislative and presidential elections but faced delays due to the electoral process and poor road conditions. The CBL began the nationwide campaign to replace legacy banknotes and coins in October 2022 and had set 31 March 2024 as the original deadline for the exercise.
Despite significant progress in retrieving old banknotes, a sizable volume remains in circulation. Public concerns regarding the deadline, especially from remote areas without access to commercial banks, prompted the CBL to seek an extension. The 54th Legislature authorized the CBL to print and mint a new family of currency worth LS48,734,000,000.00, based on the Bank’s request.
The CBL aims for a successful completion of the currency exchange exercise and calls for the cooperation of the public with the new deadline. The extension provides an opportunity for individuals and businesses to adjust to the new currency system and ensure a smooth transition in Liberia’s financial landscape.
Read the original article on The Newdawn Liberia
