The Central Bank of Central African States (BEAC) has announced plans to demonetize old coins in Cameroon, with the exchange process set to begin shortly. The coins in question are from an older series, minted between 1958 and 1985. According to Emanuel Asafor Cho, First Deputy Director of the BEAC, these coins will no longer be accepted as payment after October 31, 2026. The BEAC aims to replace these coins with newer, more secure designs from 2006 and 2024.
The BEAC has outlined a timeline for exchanging the old coins. From November 1, 2026, to July 31, 2027, citizens can exchange their old coins for new ones at the BEAC, banks, or microfinance institutions, free of charge. From August 1 to October 31, 2027, exchanges will only be possible at the BEAC. After October 31, 2027, the old coins will no longer be exchangeable. The BEAC has assured the public that no one will lose the value of their old coins.
The decision to demonetize the old coins is driven by security concerns. According to the BEAC, the older coins are more vulnerable to counterfeiting. By replacing them with newer designs, the BEAC aims to improve the security of Cameroon's currency. The exchange process will be straightforward, with citizens able to exchange their old coins for new ones without needing to be bank customers.
Banks and microfinance institutions are obligated to exchange the old coins, regardless of whether the holder is a customer or not. The exchange will be made against either new coins or banknotes. Citizens will need to provide identification for tracking purposes, but they will not be required to open an account.
The BEAC has urged citizens to check the official visuals of the coins to ensure they are exchanging the correct ones. The year stamped on the coin is not sufficient to verify its authenticity. The BEAC has also encouraged citizens to take advantage of the exchange period to swap their old coins for new ones.
The demonetization of old coins is part of a broader effort to modernize Cameroon's currency. The BEAC aims to remove all old coins from circulation within a year and replace them with newer designs. This move is expected to improve the overall security and efficiency of Cameroon's financial system.
The exchange process is expected to be smooth, with minimal disruption to daily life. Citizens are advised to take note of the exchange timeline and plan accordingly. The BEAC has assured the public that it will provide adequate support throughout the exchange process.
Key points
- The BEAC has guaranteed that citizens will not lose the value of their old coins during the exchange process.
- The exchange period for old coins will take place from November 1, 2026, to October 31, 2027.
- The demonetization of old coins aims to improve the security of Cameroon's currency and reduce counterfeiting.
