MONROVIA, LIBERIA-The Board of Governors of the Central Bank of Liberia (CBL) has extended the currency exchange exercise by six weeks, following the March 31 deadline.
At its emergency meeting over the weekend, the CBL Board resolved to extend the deadline for the termination of the legal tender status of the old banknotes until May 15, 2024.
CBL Head of Corporate Communication, Alphonso Zeon, said the exchange exercise will continue through the commercial banks and Rural Community Finance Institutions.
Mr. Zeon said:” Several factors, including the challenging road condition in hard-to-reach counties, elections, and the transitional process, impacted the decision to extend the process.”
This means the old banknotes series, known as LS-1 and LS-2 printed before 2021, remain legal tender and can be used to buy goods and pay for services in Liberia.
Alphonso Zeon warned of prosecution consistent with the law for those who may refuse to accept the old banknotes.
The CBL Head of Corporate Communication spoke in an interview on ELBC’s Super Morning Show on Tuesday, April 2, 2024.
