Bank of Zambia says 97% of old bank notes retrieved, warns against use of demonetized currencies
The Bank of Zambia (BoZ) has warned the public against accepting or attempting to use demonetised banknotes, saying the old notes are no longer legal tender and could expose people to fraud or possible criminal offences.
The old banknotes officially ceased to be legal tender after March 31, 2026, following the expiry of the currency exchange period.
Speaking during a media briefing in Lusaka on Wednesday, BoZ Director for Banking and Currency, Angela Chileshe, said the central bank had collected about 97 percent of the demonetised currency during the exchange exercise.
Read more: Bank of Zambia warns public against use of old banknotes
Chileshe described the outcome as a strong recovery rate, adding that only about three percent of the old notes remain outside the banking system.
“The remaining notes can no longer be used for transactions because they have been officially withdrawn from circulation,” she said.
Chileshe warned that some individuals may attempt to circulate the invalid notes to unsuspecting members of the public.
She said the central bank was concerned that people could be defrauded by those trying to pass off demonetised notes as valid currency.
Meanwhile, BoZ Governor, Denny Kalyalya ,said the public had been given sufficient time to exchange the old notes before the deadline elapsed.
Kalyalya said the central bank conducted awareness campaigns and allowed a one-year exchange period, but some individuals chose to hold onto the currency in the expectation that the deadline would be extended.
He cautioned against assuming that official deadlines would automatically be revised, saying such expectations were risky.
Kalyalya further warned that attempting to use demonetised notes as legal currency could amount to an offence because the notes no longer have monetary value.
He urged members of the public to take official notices and deadlines issued by the central bank seriously.
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