By Monrovia– The Central Bank of Liberia reports that the old Liberian banknote is no longer in circulation, but it has set a daily deposit requirement of L$15,000 for each individual who still possesses the old notes.
The extended period for exchanging the old Liberian banknotes has come to an end since Wednesday, May 15, 2024, according to Alphanso Zeon, Head of the Central Bank of Liberia’s Communication Unit. Mr. Zeon emphasized that going forward, no citizen may conduct any business within Liberia using banknotes that have already expired, as doing so would be considered criminal.
On May 15, 2024, the Central Bank of Liberia will be the only commercial bank where anyone holding old Liberian currency will be able to swap it. Mr. Zeon did clarify, though, that the CBL has established a barrier of fifteen thousand Liberian dollars for anyone to possess in order to deposit them at the central bank and quickly exchange them for the new currency.
He claims that no matter how much cash a person has in excess of L$15,000, the bank will only take that amount each day until a decision is made to halt the procedure entirely.
He reminded people that the old banknotes are no longer accepted as legal currency, but he also advised residents and business owners to take advantage of the newly established threshold in order to protect themselves from humiliation and financial losses.
By: Alphanso G. Kalama
