Liberia: CBL Currency Changeover Remains On Course

The Central Bank of Liberia (CBL) reassures the public that the introduction of the new family of Liberian currency remains on course.

In addition to the first batch of L$4.0 billion of the new L$100 banknotes that are gradually being injected into the economy largely through the commercial banks, which began in December 2021, the CBL, working with international partners, is proceeding with arrangements for the delivery of the second L$4.0 billion new L$100 banknotes in January 2022 to begin the gradual replacement of mutilated banknotes, as well as concluding the procurement process for the printing and minting of the remaining new banknotes and coins.

Meanwhile, the CBL wishes to inform the public that the recent discovery and seizure of L$1.0 million in counterfeit L$500 banknotes, which is being investigated by the relevant agencies of government, does not affect the integrity of its currency changeover program.

It is important for the public to note that counterfeiting of Liberian dollar currency is a crime, and the Bank will work with the security agencies to ensure the enforcement of the law against would-be violators.

As the process of introducing the new currency has just started, the CBL will continue to strengthen its public education, not only about the security features within the banknotes but also to campaign on the lookout for potential counterfeit of banknotes, especially in the rural parts of the country.

Regarding the features on the newly printed L$100 and the existing L$500 banknotes, both the newly printed and existing banknotes have slanted lines, making the edges rough. When held up and flipped, the seal on the banknotes becomes visible inside the left white field, and the stars in the threads across the notes do move. Counterfeit banknotes do not have such features. Moreover, the paper used for the counterfeit banknotes can be easily detected from their feel and look as well.

While the CBL wants to reassure the public not to panic about the recent situation as the counterfeit banknotes can be easily recognized and detected, the public is urged to alert the CBL and the Ministry of Justice with any information relating to the use or introduction of any counterfeit banknotes.

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