(Business in Cameroon) – The Bank of Central African States (BEAC) issued an alert, reminding the public that damaged banknotes can be exchanged free of charge at its national headquarters in Yaoundé. In a Feb. 4 statement, the central bank urged the public, especially businesses, to take advantage of this official process rather than turning to unofficial channels.
According to the BEAC, exchanges are conducted at face value, meaning the amount received will always match the value of the damaged bills submitted. The bank has set specific hours for transactions: deposits are accepted from 7 a.m. to 9 a.m., while withdrawals take place from 1 p.m. to 2 p.m., Monday through Friday.
This announcement comes as a response to the rise of informal exchange networks that have emerged in various cities. Many people struggling to replace their worn-out bills have turned to these unofficial services, often paying a fee to obtain fresh banknotes. By reinforcing its official policy, the BEAC aims to assure businesses and individuals that exchanging damaged currency at its offices remains a legal and cost-free process.
