The Central Bank of Liberia (CBL), Thursday, October 6, commenced the distribution and issuance of the newly printed Liberian dollar banknotes.
The new local currency is being distributed through commercial banks and other financial institutions throughout the country to serve customers who may wish to exchange mutilated notes for the new Liberian dollar banknotes.
A spokesperson for the Central Bank of Liberia told the Daily Observer that the release of the new banknotes is synchronized with the retrieval of mutilated banknotes from commercial banks in line with a schedule designed by the Banking Department of the CBL. Thus, public is advised not to rush to exchange mutilated notes for new ones because the process is ongoing, without a deadline.
Both the old and new denominations of Liberian Dollar banknotes will circulate simultaneously with equal monetary value, CBL says.
The Central Bank tellers’ windows for the collection of mutilated notes will continue to serve the public daily. The Central Bank is also encouraging all commercial banks to accept mutilated notes from the public and bring said notes to the CBL for deposit.
This new series includes, among others, the unifying nature of the existing Liberian banknotes, and as such, has maintained all previous portraits.
The CBL has also reinforced the security features in the new series, which are both visible and invisible.
In addition, the CBL has ensured that the new series is printed on a higher quality substrate to guarantee longevity and reduce porosity, a release signed by Cyrus Wleh Badio, head of communications at CBL said yesterday.
In July this year, the CBL announced that, in keeping with its statutory mandate to ensure the integrity of the Liberian Dollar (LRD) is maintained, the Bank was going to introduce a new series of banknotes into the Liberian economy, notable among them, a new bill in the L$500 denomination.
Though the existing denominations maintain their respective portraits, the Bank has reinforced the security features in the new series. The newly introduced denomination of L$500 denomination contains portraits of ordinary Liberians on the front, and Liberian wildlife on the back. CBL has meanwhile ensured that the new series is printed on a higher quality substrate to guarantee longevity and reduce porosity.
In the year 2000, the CBL introduced the new Liberian dollar banknotes as a unified currency to replace the old “J.J. Roberts” banknotes. Since its introduction, the Liberian banknotes have undergone minor technical redesign and security feature enhancements.
The CBL statement also said that the new enhancements are geared towards maintaining public confidence and to deter fraud and counterfeiting. The newly printed currency features three levels of security to guard against fraud and counterfeiting.
The level one security features which can easily be recognized by the public, even the blind, such as the new look and feel of the banknotes. The second and third levels are meant for the Commercial Banks, Professionals, Banknote Processing Machine (BPS), and the Central Bank itself.
In addition to preventing fraud and counterfeiting, the CBL also takes keen interest in tackling the two major risk issues associated with the banknotes’ lifespan, which are soiling and porosity.