The Central Bank of Liberia (CBL) has announced the safe arrival of a second batch of new 100 Liberian dollar banknotes, totaling L$4 billion, to commence the replacement of old Liberian dollar banknotes. The new banknotes arrived in the country on February 2, 2022 and were safely secured in the vaults of the CBL on Thursday, February 3, 2022.
Earlier, on November 25, 2021, CBL received the first batch of L$4 billion to ease the festive season’s liquidity pressure.
As with the first arrival of the new banknotes, the second arrival was witnessed by representatives of the United States Agency for International Development (USAID), Resident Representative of the African Development Bank (AfDB), members of the Technical Committee for Currency Reform (TCCR) and CBL’s Internal Audit Department. Later, the CBL’s senior management and USAID representatives, joined by members of the TCCR and the Internal Audit Department, verified the number of marked boxes received, added up to the total number of boxes delivered at the CBL.
In the coming days, a full technical validation process will take place to ensure conformity with the contractual specifications, after which the process of replacing the old banknotes will begin, starting with the mutilated banknotes.
The new family of Liberian currency will be used to replace the current stock of Liberian currency and meet the liquidity needs of the economy for the period 2022 to 2024.
CBL’s Executive Governor, J. Aloysius Tarlue, Jr. said, “Replacement of old for new Liberian dollar currency is a centerpiece of CBL’s Currency Reform Program. It will tackle liquidity challenges, harmonize Liberia’s currency and restore public confidence and stability in the financial sector.”
The exchange of old for new Liberian currency is expected to last for a period up to two years, during which time both old and new Liberian dollar currency will be used together as legal tender.
Meanwhile, the CBL’s management wishes to assure the public that the currency changeover process remains on course.