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The Central Bank of Liberia has announced that it will soon issue a new series of banknotes.

The statement available from the Central Bank of Liberia’s website confirms that, in keeping with its statutory mandate to at all times ensure that the integrity of the Liberian Dollar is uncompromisingly maintained, a new series of banknotes will soon be released into circulation.

The Central Bank of Liberia introduced the new Liberian Dollar banknotes in 2000, replacing the old “J.J” banknotes. Denominations include the $5, $10, $20, $50, $100 and a new $500 (US $5.56) denomination.

The United States Dollar is also legal tender in the country, and local reports suggest that it is preferred to the local currency. This is reportedly because it holds its value more evenly compared to the Liberian dollar, which can rise and fall drastically depending on the state of the economy. This affects the price of basic commodities, hence the preference for the more stable US dollar.

The new banknotes will maintain the same portraits that are included in the currently circulating banknote series, but will include modern security features to prevent fraudulent use and counterfeiting. A key objective of the new series was to address issues associated with banknote lifespan, particularly regarding soiling and porosity. As such the Bank has confirmed that the banknotes will be printed on “a higher quality substrate to guarantee longevity and recuse porosity”.