Because of the rampant inflation in the decades before the exchange the second cedi was only worth a small fraction of its original value. The government decided to "cut" four zeros off the currency by the switch to the third cedi. The new currency was not introduced as the third cedi but is instead officially called the Ghanaian Cedi, in contrast to the second cedi that was officially known as the New Cedi. In the second half of 2007 both the second and third cedi were legal tender as the old currency was being gradually withdrawn. At the end of December 2007 more than 90% of all old coins and notes had been withdrawn. From January 2008 old banknotes could only be exchanged at banks and were no longer legal tender.