In a press release published by the Agency of the Bank of Central African States (Beac) of Garoua, in northern Cameroon, holders of 1992 banknotes in the North, Far North, and Adamaoua regions were informed that the final exchange session for these banknotes took place on May 31, 2024, from 8 a.m. to 12 p.m. As of now, these banknotes are no longer exchangeable anywhere, as specified in the document.
This announcement applies to holders of the said banknotes across the six CEMAC countries (Cameroon, Congo, Gabon, Equatorial Guinea, Chad, and CAR). From June 1, 2024, the 1992 banknotes can no longer be exchanged at Beac counters, the issuing institute common to the six Cemac countries. In a previous press release dated April 26, 2024, Beac Governor Yvon Sana Bangui had already urged holders to present these banknotes at Beac counters before June 1, 2024, with an identity document.
The April 26 press release clarified that these banknotes have been demonetized and deprived of legal tender and release power across the community since March 1, 2023. This process began following a resolution by the ministerial committee of the Central African Monetary Union (Umac) on November 7, 2022. Holders had until May 31, 2023, to exchange them at commercial banks in the Cemac zone and Beac services. From June 1, 2023, these notes were only exchangeable at the central bank services, which ceased to accept them from June 1, 2024. Consequently, these notes now have no value, having been invalid in economic transactions since March 1, 2023.
New Range of Banknotes
Only the banknotes from the 2002 and 2020 ranges are now valid. The 2020 range has been in circulation since December 15, 2022. Since January 2, 2024, Beac has begun withdrawing the 2002 range from circulation. Beac operations director Jean Clary Otoumou, in a circular dated January 5, 2024, instructed national directors to use only 2020 range notes for debiting banks and public accountants from January 2, 2024. They were also to recognize and check the 2002 range notes, transferring them to destruction boxes after perforation.
However, the 2002 range banknotes are still accepted in financial transactions in the Cemac zone until a demonetization decision is made, which could take several years. Notably, the 1992 range banknotes have officially lost all value as of June 1, 2024, more than 20 years after their replacement by the 2002 range.