LIBERIA NEWS: CBL WARNS LOCAL BANKS
...To Stop Issuing Old Banknotes To Customers
By Mark B. Dumbar
Monrovia Feb 8–Following the deadline set by the Central Bank of Liberia (CBL) for LS1 and LS2 old banknotes to be removed from the Liberian market as of March 31, 2024, the Central Bank of Liberia has warned local banks in the country to stop issuing the old banknotes to customers.
With the deadline being set by the Central Bank of Liberia (CBL) many Liberians are complaining that they are still receiving the old banknotes from local banking institutions operating in Liberia. This concern has been raised by several Liberians who usually go to receive money from their various accounts and family members from abroad.
However, the Central Bank of Liberia’s Deputy Director, Williams Droplet has strongly warned local banking institutions to stop giving old banknotes to customers to avoid a serious delay in the deadline of March 31, 2024. The Deputy Director threatened that serious action awaits local banking institutions found cashing out old banknotes to customers across the country.
Also speaking on Wednesday, February 7, 2024, on a local radio station, the Chairman of the Central Bank of Liberia Technical Committee on Currency Reform (TCCR) Musa A. Kamara said the CBL has been able to retrieve up to 20 billion of LS1 and LS2 out of 25.253 billion.
He disclosed that the Central Bank of Liberia has been able to retrieve half of the old banknotes in circulation. Kamara urged workers of various banking institutions to work hard to get the remaining before March 31, 2024. He warned that after the deadline the old banknotes will not be used for any legal transactions. Kamara said the old banknotes will only be used when you exchange them with the current banknotes.
He disclosed that LS1 are banknotes that were printed in 2000, and were in circulation up to 2015, while LS2 are banknotes introduced by former President Ellen Johnson-Sirleaf. The chairman of the Technical Committee on Currency Reform (TCCR) is at the same time urging every Liberian to take their old banknotes for exchange.
He said the giving of old banknotes to customers will create serious delays in getting the old banknotes from the Liberian market.