All old banknotes printed before 2021 are to be terminated from circulation as of March 31, 2024, the Central Bank of Liberia discloses here.
The Central Bank says this is in compliance with Section 25 of the 2020 Amended and Restated Act of the CBL.
The Banker’s Bank in a circulation Tuesday, 3 October said, this will allow only the new family of Liberian dollar currency in the amount of L$48.734 billion authorized by the 54th National Legislature in its Joint Resolution of May 2021 that is being gradually infused into the economy, as the only valid legal tender after the March 31, 2024 deadline.
According to the CBL, this means that the old currency will not be used for economic and financial transactions any longer.
Banknotes to be terminated and withdrawn include Liberia Series One (LS1) banknotes or earliest banknotes that were printed between 2003 and 2009 and are in denominations of L$5, L$10, L$20, L$50, and L$100.
Others are Liberia Series Two (LS2) banknotes or banknotes that were printed in 2016 and 2017 in denominations of L$5, L$10, L$20, L$50, L$100 and L$500 with three men in traditional clothes on the front side.
The Bank explains that the decision to phase out the old currency as valid legal tender after March 31, 2024 comes after a 12-month period of the exchange of old currency for the new family of currency.
However, it says people who will still be in possession of the aforementioned banknotes after the March 31, 2024, deadline will be able to exchange them with the same value at the nearest Central Bank facilities, commercial bank offices, branches and agents, as well as rural community finance institutions (RCFIs).
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The CBL assures that it will continue to work with commercial banks in the country to ensure a seamless transition, taking into consideration the needs of the rural population and hard-to-reach locations across the country by ensuring adequate supply of the new banknotes and coins at its cash hubs across the country. Press Release
