Monrovia – In a move aimed at modernizing the nation’s currency system and enhancing economic stability, the Central Bank of Liberia (CBL) has officially announced the termination of the legal tender status of old Liberian dollar banknotes printed before 2021. This decision, in accordance with Section 25 of the Amended and Restated Act of the CBL of 2020, is set to take effect on March 31, 2024.
The CBL’s decision means that, following the March 31 deadline, all banknotes belonging to the Liberia Series One (LS1) and Liberia Series Two (LS2) categories will no longer be accepted in economic and financial transactions. LS1 banknotes, which include denominations of L$5, L$10, L$20, L$50, and L$100, were printed between 2003 and 2009. On the other hand, LS2 banknotes, featuring denominations of L$5, L$10, L$20, L$50, L$100, and L$500 with images of three men in traditional attire on the front side, were printed in 2016 and 2017.
This initiative is part of the gradual transition to the new family of Liberian dollar currency, authorized by the 54th National Legislature in its Joint Resolution of May 2021. The new currency, totaling L$48.734 billion, is currently being introduced into the economy and will be the sole valid legal tender after the March 31 deadline.
To facilitate a smooth transition, the CBL has implemented a 12-month exchange period during which citizens are encouraged to exchange their old banknotes for the new currency. Individuals still in possession of old banknotes after the deadline will be able to exchange them at the nearest Central Bank facilities, commercial bank offices, branches, agents, and rural community finance institutions (RCFIs).
To ensure the availability of the new banknotes and coins across the country, the CBL will collaborate with commercial banks and maintain adequate supplies at its cash hubs nationwide. In addition, the central bank is actively engaging with the public through various communication channels, including public service announcements, jingles, radio shows, and in-person interactions. These efforts aim to enhance public understanding and awareness of the currency replacement exercise.
For any inquiries or concerns related to the exchange exercise, the public is encouraged to contact the CBL Hotline at 5455.