Liberia: CBL's Second Thought Is Welcoming

Following our editorial of Friday, March 28, 2024, captioned"CBL brought the panic on Liberians," the NEW DAWN has gathered reliably that authorities of the Central Bank of Liberia are reconsidering the March 31, 2024, deadline previously set for the withdrawal of old bank notes and coins from circulation, and are now seeking approval from President Boakai for a 45-days' extension of the exercise across the country.

On October 22, 2022, the Bank commenced a nationwide campaign to replace the legacy banknotes and coins with the new family of banknotes and coins. Subsequently, in July 2023, it announced 31 March 2024 as the cut-off date for the termination of the legal tender status of the old banknotes, which left the public panicking and flatly refusing to trade in the old banknotes and coins, adversely affecting market transactions.

We applaud the leadership of Executive Governor J. Aloysius Tarlue for this far-sighted thought buttressed by our Friday's editorial in alleviating embarrassment faced, especially by consumers who have as yet legal tenders in their hands but were being rejected in the market because of panic they could seize to remain legal tenders in matter of days, as the March 31, 2024 closing date drew near.There was a problem processing your submission. Please try again later.

However, it is said to have significantly retrieved a substantial amount of the old banknotes from circulation during the period under review and replaced a total of L$21.41 billion of the old banknotes, which constitutes about 85% of the estimated L$25.258 billion worth of banknotes that it seeks to remove from the market. This is commendable!

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