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    HomeEcosystem NewsCENTRAL AFRICAImportant Update: New Currency Rules Take Effect in Central Africa on June 1

    Important Update: New Currency Rules Take Effect in Central Africa on June 1

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     In a move to combat potential counterfeiting and promote economic stability, the Bank of Central African States (BEAC) is phasing out 1992 series currency notes. These banknotes will lose their legal tender status across all six member countries of the Central African Economic and Monetary Community (CEMAC) by June 1, 2024. Accordingly, all businesses in Central Africa are advised to take notice of the new currency rules.

    BEAC urges citizens of Central Africa holding these older currency notes to exchange them for newer denominations at any BEAC branch before the deadline. Failure to do so will render the 1992 banknotes worthless after May 31st.

    The demonetization process, stripping the 1992 notes of legal tender status, began in March 2023. While no longer usable for transactions, a grace period allowed exchanges for newer notes at banks.

    CEMAC is transitioning to the more secure 2002 and 2020 series banknotes. The 2020 series, featuring enhanced security features, entered circulation in December 2022. The BEAC has also initiated a gradual withdrawal of the 2002 series banknotes.

    Key Takeaways:

    • Deadline Looms: 1992 banknotes cease to be legal tender in CEMAC countries on June 1, 2024.
    • Exchange Urgency: Citizens must exchange 1992 notes for newer ones at BEAC branches before the deadline.
    • Currency Transition: CEMAC is replacing older notes with more secure 2002 and 2020 series banknotes.
    • 2020 Series Introduction: The 2020 series, featuring advanced security measures, was rolled out in December 2022.
    • Gradual Withdrawal: The BEAC is phasing out the 2002 series banknotes as well.

    Additional Information:

    • CEMAC comprises Cameroon, Chad, Central African Republic, Equatorial Guinea, Gabon, and Republic of Congo.
    • BEAC serves as the central bank for CEMAC.
    • The BEAC headquarters are located in Brazzaville, Republic of Congo.

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