By Garmah Lomoh|Judiciary Contributor
What seems to drama in the ongoing Central Bank of Liberia (CBL) excess printing of 10bn Liberian Dollars Bank Notes brought about question whether the Central Bank in totality can money on their own without any authorization from the house of Legislature?
Thursday of last week was challenging scene at the Criminal Court “C” at the Temple of Justice when the House of Representatives former and now head of the Liberia Aviation Authority James Emmanuel Nuquay appeared in court to testify on what he knows about the printing of the L$10bn for which the ex- CBL officials are in court for.
Former House Speaker Nuquay was subpoenaed by Court last week Tuesday to testify about the printing of the excess Liberian Dollars Bank Notes.
Taking the witness stand on Thursday July 16, 2020 Emmanuel James Nuquay who now heads Liberia Aviation Authority said he has no information absolutely on the printing of the extra 10bn Liberian Dollars Bank Notes by the CBL.
He said what he knows is members of the House of Representatives have raised issues about multitude of money on the market after CBL with full authorization through the joint resolution, had printed and brought in the country L$5bn to be infused in the market to replace mutilated banknotes.
During his testimony Director Nuquay added that the issue raised at the time by the House of Representatives was to the effect that after the CBL had printed and brought into the Country L$5bn to replace mutilated banknotes, the bank was still giving customers mutilated notes.
He continued in his testimony that contrary to the expectation that money had been printed and needed to be infused into the country, which they do expect to receive mutilated notes from the bank.
According to the former House Speaker, the matter was brought before plenary to ascertain from the CBL as to the real issues for which mutilated notes were still be given to the Liberian people by different banks.
At the end of the engagement processes, the Legislature through the Chief Clerk of the House of Representatives and the Secretary of the Senate, wrote a communication to the CBL requesting the CBL to do three key things.
House’s resolution
That the government of Liberia through the CBL should continue to use the Liberian Dollars and United States Dollars until at such time when the country export based has increased significantly.
That the CBL was requested to replace the legacy notes (liberty) completely with the newly printed banknotes so that there will be a single type of Liberian currency that facilitate proper control of money and supply.
Narrating further, former House Speaker Nuquay testified in open court that the third point in the communication sent to the CBL, was to introduce coins of lower denomination on the Liberian Market.
The request of the Legislature was predicted upon the information provided by the CBL that the former Executive Governor Dr. Mill Jones minted coins that were sitting in the vault of the CBL and to the best of his certain knowledge, there is no paragraph or provision in that communication that authorized the CBL to print 10bn Liberian Dollars.
While on the cross examination by the defend lawyers, he was questioned to give the nature of the July 19,2017 letter by the Clerk of the House of Representatives and Senate Secretary of the Liberian Senate.
In response, Nuquay affirmed that the July 19, 2017 letter did not authorize the printing of additional banknotes.
“If the Legislature contemplated the printing of additional banknotes, it would have expressed used the word print instead of introduce”, he adds.
According to him, the word ‘introduce’ as used in paragraph three was intended for the CBL to infuse into the Economy coins that were printed and are being kept and even as we speak being kept in the vault of the CBL.
Several communications were written to the then Speaker of the House of Representatives for the printing of an additional L$10bn which he admitted of Receiving those communications but said the Speaker alone cannot make decision on his own but Plenary through a joint resolution for the printing of an additional Liberian Dollars banknotes.
Meanwhile, after the testimony of the former Speaker of the House of Representatives, ruling party Coalition for Democratic Change Finance Minister Samuel D. Tweah has called on the opposition community to apologize for “tarnishing their government reputation” to both local and the international community that CDC government was responsible for the current economic woes even though matter is still undergoing trial.
Ex-CBL officials currently on trial include Former CBL Executive Governor Milton A. Weeks, David M. Farhat, Elsie Dossen Badio and Kollie Tamba.
They were indicted by the state for the crimes of Economic Sabotage, theft of property, fraud on the internal revenue of Liberia, misuse of public money, property or records, theft and or illegal disbursement of public money, Criminal Conspiracy and facilitation.
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