By Godgift Harris
. . . commercial banks are refusing to accept coin deposits, because CBL had placed the directive in banking halls nationwide,”
– Cllr. P. Alphonso Zeon, Head of Corporate Communications CBL
An In Profile newspaper’s month-long investigation has unearthed a
nationwide, unofficial freeze on coin deposits at commercial banks.
The situation (denial of coins) is raising questions about whether the Central Bank of Liberia (CBL), has quietly directed commercial bank managements to stop accepting coins from depositors.
Our reporter conducted unannounced visits to UBA, SIB, Access Bank, GT Bank, Ecobank, FIB, and several rural branches of other financial institutions.
At nearly every location, customers attempting to deposit coins were turned away, with staff citing “internal instructions.”
Although no public directive has been issued, multiple bank staff members, speaking anonymously for fear of administrative action, confirmed that they had been instructed not to accept coin deposits.
“We were told that coins must remain on the market to support daily transactions,” a senior official at one major bank confirmed.
“The order came from above, and we were advised not to question it.”
When contacted, CBL Head of Corporate Communications, Counselor P. Alphonso Zeon, acknowledged that the Central Bank had issued guidance encouraging banks to keep coins in circulation to protect paper banknotes.
The paper banknotes, Zeon said, are rapidly deteriorating due to their heavy use in wet and high-moisture environments, especially among traders.
Cllr. Zeon said, commercial banks were refusing to accept coin deposits, only stating that information about the directive had been “placed in banking halls nationwide.”
Zeon’s comments contradicted what this investigation documented across multiple financial institutions.
Banks are rejecting coin deposits
The freeze is impacting civil servants, businesses, mobile money operators, and street-level currency exchangers.
Many civil servants reported that during salary withdrawals, banks routinely issue 1 to 2 percent of their cash in coins, yet reject the same coins when return for deposit.
“It makes no sense,” a Ministry employee said, “they gave us coins, but refused the same coins when we brought them back for deposit. What are we supposed to do?”
Businesses that handle large daily cash volumes reported accumulating heaps of coins that banks will not accept.
GSM mobile money companies confirmed they are unable to deposit coins despite receiving them frequently from customers.
Money exchangers said, they have stopped accepting coins for deposit, though they continue issuing them back into circulation exacerbating the cycle.
Mineral water sellers complained that they receive a hefty share of their money in coins, but cannot be deposited or used to purchase materials for production, such as plastic and water treatment chemicals. They too are refusing to stop accepting coins.
A notable finding from the investigation was the large-scale absorption of the coins by Chinese-owned betting and entertainment centers throughout Monrovia. These establishments reportedly use thousands of dollars’ worth of coins weekly for gaming tokens and small payouts, significantly affecting circulation patterns.
Several bank managers admitted (off the record) that they have been instructed to issue 2 percent of every withdrawal in coins, regardless of the amount.
“My brother, we are simply following orders. we give out coins, but we don’t take them back,” one manager said.
This applies to everybody, including government workers and ordinary traders. Only the CBL can say why.”
The investigation highlights several unresolved concerns, why are banks required to distribute coins, but prohibited from accepting them back?
What is the CBL long-term strategy for coin circulation; how are businesses expected to manage large heaps of coins without a formal deposit channel?
The lack of a clear explanation to customers and the public, has heightened frustration among citizens. It has also intensified debate about transparency in the country’s monetary management.
Until the CBL addresses these issues directly, both individuals and businesses, have reported remaining stuck in a confusing loop where coins circulate freely, but have no pathway back into the banking system.