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In an effort to modernize the country’s currency system and bolster economic stability, the Central Bank of Liberia (CBL) has officially declared the discontinuation of legal tender status for 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 scheduled to take effect on March 31, 2024.
The CBL’s decision signifies that, after the March 31 deadline, all banknotes falling under the Liberia Series One (LS1) and Liberia Series Two (LS2) categories will no longer be accepted in economic and financial transactions. LS1 banknotes, encompassing denominations of L$5, L$10, L$20, L$50, and L$100, were produced between 2003 and 2009. Conversely, LS2 banknotes, featuring denominations of L$5, L$10, L$20, L$50, L$100, and L$500, adorned with images of three men in traditional attire on the front side, were issued in 2016 and 2017.
This initiative is part of a 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, amounting to L$48.734 billion, is currently being introduced into the economy and will be the sole valid legal tender following the March 31 deadline.
To ensure a seamless transition, the CBL has established a 12-month exchange period, encouraging citizens to exchange their old banknotes for the new currency. Individuals holding old banknotes after the deadline will have the opportunity to exchange them at the nearest Central Bank facilities, commercial bank offices, branches, agents, and rural community finance institutions (RCFIs).
In order to maintain a sufficient supply of new banknotes and coins throughout the country, the CBL will collaborate with commercial banks and keep ample reserves at its cash hubs nationwide. Furthermore, the central bank is actively engaging with the public through a variety of communication channels, including public service announcements, jingles, radio shows, and face-to-face interactions. These efforts are aimed at enhancing public understanding and awareness of the currency replacement process.
For inquiries or concerns regarding the exchange procedure, the public is encouraged to reach out to the CBL Hotline at 5455
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