MONROVIA, Liberia – Central Bank Governor Henry Saamoi has issued a strong warning to commercial banks across Liberia, declaring that no bank has the right to reject mutilated Liberian dollar banknotes.
Speaking during a public hearing at the Liberian Senate, Saamoi called on citizens to immediately report any bank that refuses to accept damaged notes. “Commercial banks must take mutilated banknotes. They are replaced at the Central Bank at no cost,” he said.
The Governor stressed that whether the amount is small or as high as one million Liberian dollars, Central banks are obligated to accept and process the damaged currency without charging fees.
He also cautioned banks against issuing torn or damage notes to the public, describing the practice as unacceptable. Saamoi revealed that the ongoing printing of an additional LD$79 billion is aimed at replacing mutilated banknotes currently circulating in the economy.
He assured the public that the Central Bank will take swift action against any banking institution found violating the policy.“Report them. We will act,” he added.
The move is expected to ease public frustration and restore confidence in Liberia’s banking system.
