Liberians Faced With Two Local Currencies – Two Exchange Rates

Money exchangers have been cautioned against undercutting the exchange rate of the new Liberian banknotes on the market. The Central Bank of Liberia recently introduced new denominations of banknotes in circulation, replacing mutilated banknotes and controlling the infliction of US Dollars to the local currency.

Some money exchangers in Monrovia are trading for lower rate the US Dollars to the new Liberian Dollars against the will of citizens interested in having access to the new banknotes. There have been complains that money exchangers are in the habit of trading US$ 5:00 to L$450.00 of the new local currency while US $5:00 is traded at L$480:00 of the old banknotes.

But the Government of Liberia through the Deputy Information Minister Isaac Jackson has warned money exchangers to desist from the act describing it as exploitation. Liberians have described as unacceptable the attitude of money exchangers. Madam Teresa Morrison was seen in a war of words with one of the money exchangers on Mechlin Street adjacent the Ministry of Finance Ministry and Economic Planning.

Many have argued that the new local money introduced by government was strange and not much publicity was being carried out by the Central Bank of Liberia. Read the full story here.