Central African Republic central bank denies new banknotes
Rumors of new 25 to 400 FCFA banknotes are circulating, but the BEAC confirms only old coins are being demonetized.
Rumors of new banknotes in denominations of 25, 50, 100, 200, 300, and 400 FCFA are spreading in the Central African Republic. The Bank of Central African States (BEAC) has denied these claims, stating that the demonetization of old coins, in circulation since 1958, does not involve new banknotes. Instead, old coins will be exchanged for more recent ones.
Ali Chaïbou, the national director of the BEAC, clarified that images of the purported new banknotes circulating on social media are false. He explained that holders of the old coins, which lose their value, can exchange them for newer coins from 2006 and 2024. The BEAC has established a schedule for these exchanges, with free exchanges available at commercial banks and BEAC agencies until October 31, 2027.
The demonetization of coins issued between 1958 and 1985 takes effect on November 1, 2026, meaning these coins will no longer be legal tender. Consumers and merchants are questioning the exchange process and the validity of remaining old coins. The BEAC has set specific periods for exchanges, with the final deadline for all exchanges being November 1, 2027.
Why it mattersConsumers and merchants in the Central African Republic face uncertainty regarding the exchange of old coins and the validity of their money following the demonetization.