Serious public concern has emerged over what many Liberians describe as “economic sabotage” after several commercial banks reportedly began refusing to accept Liberian coins in business transactions. The development, which has caused widespread inconvenience across markets and small businesses, is being viewed as a deliberate act undermining the circulation of legal tender and imposing undue hardship on ordinary citizens, particularly petty traders and market women.
On Tuesday, several marketeers who spoke to Hard Facts expressed deep frustration, describing how the refusal of coins by banks has disrupted their daily operations and profit margins. According to them, the situation has reached a point where even transport operators and local retailers are rejecting the coins, making it increasingly difficult for them to conduct fair transactions. “I went to deposit my money at one of the major banks on Broad Street, and they told me they are no longer taking coins,” said Madam Marie Johnson, a market woman at the Red Light Market. “This is very discouraging because most of us who sell pepper, bitter balls, and small items deal mainly in coins.
Now, if the banks refuse them, what are we supposed to do?” Other traders in the Waterside and Duala markets shared similar experiences, claiming that they are forced to keep large quantities of coins at home since they cannot deposit them. Some vendors also reported that customers are beginning to reject the ten-dollar and five-dollar coins in favor of paper notes, creating confusion and loss in value at the market level. “Sometimes when we sell, the customers don’t want to take coins as change, and when we take them to the banks, the banks say they don’t need them.
This is not right. These are legal Liberian money. If the banks are refusing them, then they are trying to kill our business,” lamented Comfort Kollie, another trader. Financial experts and economists have also weighed in on the situation, warning that such actions by commercial banks could have broader implications for the country’s monetary system. According to Mr. Nathaniel Clarke, an independent financial analyst, the refusal of coins by banks undermines the Central Bank of Liberia’s (CBL) authority and disrupts the national payment system. “Coins are part of the national currency structure. When banks refuse them, they create artificial scarcity of lower denominations and force unnecessary dependence on paper notes.
This can distort pricing and lead to inflationary pressure, especially in retail markets,” Clarke explained. “It also erodes public trust in the financial system, as people start to question what is and isn’t legal money.” The Central Bank of Liberia has yet to issue a formal statement on the matter. However, several citizens are calling on the CBL to swiftly intervene and ensure that all denominations of the Liberian dollar including coins remain valid and are accepted by all financial institutions in the country.
They believe that strong regulatory action is necessary to compel banks to comply with national currency policies. Some citizens fear that the ongoing rejection of coins could have long-term consequences for financial inclusion, especially among rural populations and low-income earners who rely heavily on smaller denominations for daily trade. If not urgently addressed, this could lead to further distrust in the formal banking sector and push more people toward informal and cash-only transactions. “We already struggle to make a living. Now they’re telling us our own money is useless because it’s in coins. The government must step in.
We cannot continue like this,” said Martha Bendu, a small-scale trader in Paynesville. Several civil society groups have also joined the call for government intervention, describing the issue as an “attack on the economy from within.” They argue that the practice of rejecting coins by commercial banks violates the Central Bank Act, which mandates that all Liberian currency whether in coin or note form must be accepted for the payment of goods and services within the Republic.
Meanwhile, public pressure continues to mount on the CBL and the Ministry of Finance to launch a joint investigation into the actions of commercial banks and enforce compliance with existing currency laws. Citizens are urging the Boakai-led administration to take firm steps to protect ordinary Liberians from what they describe as a growing pattern of economic neglect and indifference from the banking sector. As the outcry intensifies, many Liberians are left wondering how the country can achieve financial stability and inclusion when even its legal tender is being sidelined by institutions entrusted to safeguard it.
