Shortage of L$5 Notes Hikes Prices in Nimba, Zwedru

Most L$ 5 notes found on the market .jpg

Shortage of L$ 5 bank notes has hit the market posing hardship to commuters and traders in getting L$ 5 change from transactions for goods and services.

Owing to the shortage, what used to be sold for L$5 is now sold for L$ 10 because there wouldn’t be any L$ 5 to give back as change, consumers told the Daily Observer.

“It appears that L$5 is finishing from the market, because whenever you buy anything that requires you to get L$5 change, you wouldn’t get it,” said one petty trader in Ganta.

“Because of that,” she added, “we decided selling a parcel of peanuts for L$ 10 so that we cannot have any difficulty for change.” The size of a parcel of peanuts also corresponds with the price increase, she said.

In Zwedru, the situation regarding the shortage of L$ 5 is just the same.

“We used to charge a mobile phone for L$15, but now we are charging L$ 20 or L$ 30 due to shortage of L$ 5, 00,” said one Joana in Zwedru.

She said, “Even, if motorcycle carries you a distance that costs L$25, you will end up paying L$30, because you wouldn’t get the balance L$5 change.”

A survey conducted by this newspaper gathered that most of the L$5 bank notes in circulation have become old and some are partly mutilated.

When the Daily Observer visited some of the local banks to ascertain what was going on, a manager who spoke on the condition of anonymity said there was no shortage of L$5, but those who withdraw huge sums of money from the bank refuse to accept L$5 bills.

“Customers are always in the habit of rejecting L$5 bills and even L$10 bill, they [rather] request for large bills,” he added.


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