Home Economy CBL Extends Old Money Exchange Deadline To May 15, 2024

CBL Extends Old Money Exchange Deadline To May 15, 2024

by newsmanager

MONROVIA: The Central Bank of Liberia (CBL) announces the extension of the March 31, 2024 deadline for the currency exchange exercise by six weeks, up to May 15, 2024.

CBL Board of Governors, at its emergency meeting held on Friday, March 29, 2024, resolved to extend the deadline for the termination of the legal tender status of the old banknotes and to continue the exchange exercise through the commercial banks and Rural Community Finance Institutions (RCFIs).

Despite the progress, the March 31st deadline was impacted by several factors, including the challenging road condition to counties in the Southeast and Lofa County, the General and Presidential Elections, the intensity of run-off Presidential Election, and the transitional process. The Bank was cautious about moving cash across the country during these situations.

The extension means that the old money, known as Liberian Series 1 or LS1 and Liberian Series 2 or LS2 banknotes printed before 2021 still remains legal tender until May 15, 2024 and can be used to buy goods and pay for services in Liberia.

After the new deadline, the old banknotes will not be accepted for exchange at any commercial banks and Rural Community Finance Institutions (RCFIs). The exchange exercise will continue only at the CBL facilities across the country.

The CBL therefore urges the public to take advantage of this extension to exchange their old banknotes and calls on the business community to continue to accept the old banknotes and deposit them at the commercial banks and RCFIs in exchange for the new currency.

Meanwhile, the Bank extends its appreciation to all stakeholders, and more importantly the Executive and the National Legislature for their support in this national endeavor. The Bank looks forward to the full cooperation of the public with this new deadline to ensure a successful completion of this exercise, a CBL release said.

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