No need for Tobagonians to travel to Central Bank in Trinidad to redeem one-cent coins

Residents of Tobago who want to redeem their one-cent coins now have options other than having to travel to Trinidad to do so at the Central Bank.

As of July 3rd, the one-cent coin ceased to be legal tender but the Central Bank said it would redeem the coins indefinitely between the hours of 8 am and 2 pm from Mondays to Thursday and 8 am to 3 pm on Fridays.

For residents of Tobago, the Central Bank has announced that all branches of Republic Bank, RBC Royal Bank and Scotiabank are authorised to redeem the coins on behalf of the Central Bank.

Central Bank redeeming one-cent coins indefinitely

Although the one-cent coin today ceased to be legal tender, holders of the coin can still exchange it for other denominations of currency. 

The Central Bank said in a statement today that while the coins can no longer be exchanged at commercial banks, the public may continue to redeem one-cent coins indefinitely at the Central Bank.

The opening hours for the Bank’s tellers are 8 am to 2 pm Mondays to Thursdays and 8 am to 3 pm on Fridays.

Regulations, which make rounding mandatory, will come into effect today.