The Central of Bank of Liberia (CBL) will officially terminate from circulation all old Liberian dollar banknotes printed before 2021 as of March 31, 2024, in compliance with Section 25 of the Amended and Restated Act of the CBL of 2020.
This according to the CBL, will allow only the new family of Liberian dollar currency in the amount of L$48.734 billion authorized by the 54th Legislature in its Joint Resolution of May 2021 which is being gradually infused into the economy as the only valid legal tender after the deadline.
This means that the old currency will not be used for economic and financial transactions any longer and the banknotes to be terminated and withdrawn are Liberia Series One (LS1) banknotes; these are the earliest banknotes that were printed between 2003 and 2009 and are in denominations of L$5, L$10, L$20,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 and also Liberia Series Two (LS2) banknotes; these are the banknotes that were printed in 2016 and 2017 and are 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 decision of the CBL 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.
The bank said those 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 the rural community finance institutions (RCFIs).
The CBL will continue to work with the commercial banks to ensure a seamless transition, taking into consideration the needs of the rural population and hard-to-reach locations across the country.
The Bank said it will ensure adequate supply of the new banknotes and coins at its cash hubs across the country and as part of its public awareness, CBL will continue its ongoing communications engagements, including public service announcements, jingles, radio shows and in-person interactions to deepen public understanding of the currency replacement exercise.
Accordingly, the public may contact the CBL Hotline (5455) for any clarification or issues relating to the exchange exercise and extends its gratitude to the Liberian people for their cooperation and understanding with the exchange exercise which has been proceeding according to plan.