CEMAC to Demonetize Old Currency Coins by November 2026

The decision to demonetize old coins is part of a broader monetary reform strategy by the Central African Economic and Monetary Community (CEMAC). This reform aims to modernize the currency system and improve economic stability in the region. The meeting held on October 7, 2023, in N'Djamena was presided over by Tahir Hamid Nguilin, the Chadian Minister of Finance and current president of the UMAC committee.tchadinfos +1

The coins affected by this decision include those minted in 1958, 1959, 1971, 1976, and 1985. This move is expected to streamline the currency in circulation and facilitate the introduction of a new coin series, referred to as 'Type 2024', which is set to be deployed alongside the demonetization process. The decision reflects ongoing efforts to enhance the financial systems within the six CEMAC member states: Cameroon, Chad, Central African Republic, Republic of Congo, Gabon, and Equatorial Guinea.camerounactuel +1

Starting November 1, 2026, the specified old coins will no longer be accepted as legal tender in CEMAC countries. Citizens will have until October 31, 2027, to exchange these coins at designated banking institutions, primarily the Bank of Central African States (BEAC). This two-step process is designed to ensure a smooth transition for the public and to minimize disruption in everyday transactions.237online +1

The exchange process will begin on November 2, 2026, allowing holders of the old coins to visit BEAC branches to convert their outdated currency into new coins or banknotes. This initiative aims to alleviate public concerns regarding the sudden loss of currency value and to provide a clear pathway for citizens to adapt to the new monetary landscape.237online +1

In the lead-up to the demonetization, there has been noticeable confusion among the public, particularly in markets across Cameroon. Some merchants have begun refusing all coins, fearing that the entire FCFA currency will be invalidated. This has led to widespread misinformation, prompting officials to clarify that only specific old coins will be affected, and that other denominations will remain valid.237online +1

The government and financial authorities are working to communicate the details of the demonetization effectively to avoid further panic. They emphasize the importance of adhering to the official timelines and procedures for exchanging old coins, which are crucial for maintaining public trust in the financial system during this transition.camerounactuel +1