New Liberian Dollar Set to Replace Old Banknotes by March 31, 2024"

Jan 12, 2024 - 07:45
Jan 12, 2024 - 07:48
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New Liberian Dollar Set to Replace Old Banknotes by March 31, 2024"

The Central Bank of Liberia (CBL) announced that, effective March 31, 2024, the use of old Liberian Bank Notes will cease, aligning with Section 25 of the Amended and Restated Act of the CBL of 2020. This decision facilitates the introduction of the new family of Liberian dollar currency.

Liberians must discontinue the use of the old Liberian Bank Note, and those possessing substantial amounts are urged to promptly exchange them at the Central Bank of Liberia before the specified date.

A total of L$48.734 billion in old Liberian dollar banknotes printed before 2021 will be officially terminated, as mandated by the 54th National Legislature in May 2021. Beyond March 31, 2024, only the new currency will be recognized as legal tender.

This means Liberians Will not be allowed to use the Old Liberian Bank Note any more. Individuals who are in huge possession of the old Liberian dollars should hurry at the Central of Liberia to change it before the March 3, , 2024

Old currency, such as Liberia Series One (LS1) and Liberia Series Two (LS2) banknotes, can be exchanged within a 12-month period at various locations, including Central Bank facilities, commercial bank offices, branches, agents, and rural community finance institutions (RCFIs).

The CBL is collaborating with commercial banks to ensure a smooth transition, with ample supplies of the new banknotes and coins available across the country.

To raise awareness, the CBL will employ communication channels like public service announcements, jingles, radio shows, and in-person interactions. For inquiries or issues related to the exchange, the public can contact the CBL Hotline (5455).

The Central Bank expresses gratitude to the Liberian people for their cooperation and understanding during this planned exchange exercise.

Notably, the first Liberian dollar was issued in 1847, initially pegged to the US dollar until Liberia adopted the British West African pound in 1907. Since 1943, the Liberian dollar (currency code LRD) has been the official currency, abbreviated as $, L$, or LD$, and divided into 100 cents.

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Daniel Theo Cole Daniel Theophilus Cole is a Senior Reporter at Kool 91.9 FM/TV/Knewsonline. Cole has a keen interest in Human Interest, Political, Economy, and Agricultural Stories. His passion for journalism extends beyond self-interest. Cell#0776762186 Email: danieltheocole20@gmail.com