Lack of smaller denomination Liberian bank notes have triggered rough Market as Sellers, Petty traders decry loses in their  Sales. 

 Lack of small denomination currency on the Liberian Market, is not only hampering marketers, petty traders in the sales of goods or commodities, but likewise costumers themselves are taking the load as well.

Marketers, petty traders or yana boys in and around Monrovia has raised concerns over the  shortage of denomination currency, that includes $5 five, $10 ten and $20 twenty Liberian dollars bank notes on the Liberian market.

According  to several petty traders in and around Monrovia, the lost of the LRD$5, LRD$10 and LRD$20 Banknotes on the market, is posing serious threats to the sales of goods on the local market.

The Petty traders said the loss of those banknotes on the Liberian market is causing serious loses to their goods and commodities, as they are not accumulating any profits from the sales  of the goods.

Recently, the government of Liberia through the Central Bank infused the five hundred and one hundred Liberian dollars bank notes on the market as part of the estimated L$48.734 billion dollars bank notes intended to solve the country’s currency.

In November 2021, the first batch of  LRD $4 billion in the LD $100 hundred Liberian dollars denomination arrived in the country to get rid of the mutilated and vastly short in supply of the old Liberian dollar bank notes.

Few months later in February 2022, another batch of LD$4 Billion Liberian dollar banknotes, particularly in the denominations of additional  LD$ 100 dollar and LD $ 500 dollar notes arrived in the country, as part of the Central Bank of Liberia currency changeover.

 But since then Liberians have witnessed  continue shortage of the denominations of  $5, $10, and $20 Liberian dollar currency respectively  without the infusion of a new ones by the CBL, something  that is raising serious concern on the Liberian market, and is now triggered what the petty traders and marketers termed as “black marketing”.

Speaking to Liberia Public Radio at the  Paynesville Central Market, and the famous commercial 14 Gobachop market, some petty traders said the shortage of the bank notes is seriously impeding their normal business activities.

Local traders feeling the pinch

 Bendu Sandee, Operations Superintendent of the Paynesville Central Market, told our national correspondent in Paynesville outside Monrovia recently that the shortage of LRD$5 and LRD$10 is causing serious loses to sellers, who are unable to provide change to buyers.

“We are actually catching difficulties in given change to buyers, and often forgo our profit to the buyer, or make the goods cheaper because of the limited access to change”, she said.

Today, if you come buy a table salt or Vital Cube, which is LRD$ 20 dollars (USD$ 0.13) we often give it to you for 3 for LRD$50 (USD$0.33)  while it should have been one for $20 in that sale, we have already lost, LD $10 dollar our small profit, Sandee stressed.

On the other hand, Consumers and Customers are also complaining  on the skyrocketing of goods on Liberian market something  which some marketers attribute to shortages of smaller denomination of banknotes to trade.

Liberia Public Radio national correspondent Emmanuel wise Jipoh, in a conversation with few Consumers of goods and passengers complained   separately on the increase goods and commodities, and the rise in transportation fees, and loses, they have received only because of the lack of the smaller denomination of bank notes of $5, $10 and $20  to give change to customers.

According to few Customers and Passenger, said Drivers, and marketers are refusing to give out change, when offered with higher denomination notes.

Meanwhile, the Liberian Central Bank has said that the printing of the new family Liberian banknotes is intended to help ease, the challenges face by the Liberian economy over the years.

However, since the arrival of the new banknotes, things have taken a U-turn with the total lost of the denomination notes on the Liberian market. 

Prices of basic Commodities continue to skyrocket in Liberia since the insertion of the Weah administration, but the government says this is due to the global market price.

A gallon of gasoline is sold of US$5.50 or LRD$850.00 as compared to LRD$450 in 2017.