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Claim: “Today, Liberia has reached a historic economic milestone. For the first time since 1822, the LD is 200 to 1 USD,” said Eugene Nagbe
Verdict: False. Historical data from the Central Bank of Liberia show that the exchange rate reached and exceeded L$200 to US$1 as early as February 2020 during former President George Weah’s tenure.
Full Text
Eugene Nagbe, Chief of Staff to ex-President George Weah and a prominent official of the former ruling CDC party, has publicly criticised President Joseph Boakai’s current administration.
In a Facebook post, Nagbe alleged that Liberia has reached an unprecedented economic low, citing the exchange rate of 200 Liberian Dollars (LD) to 1 United States Dollar (USD) as a “historic economic milestone.”
He further claimed that this was the first time such a rate had been recorded since the nation’s founding in 1822.
He went on to describe the situation as a “dismal, disgraceful, and crippling economic debacle,” accusing the Boakai-led government of failing in its much-publicized national development agenda, dubbed “Rescue.”
Nagbe’s remarks were accompanied by a screenshot of a street exchange rate board showing L$200 to US$1, suggesting this as evidence of the alleged economic decline under the Boakai administration.
Verification
What is an Exchange Rate?
The exchange rate represents the value of one currency for its conversion to another. Specifically, it denotes the number of units of domestic currency (in this case, the Liberian Dollar) required to purchase one unit of foreign currency (USD).
Historical Exchange Rate Review
A review of official data from the Central Bank of Liberia (CBL) contradicts Nagbe’s claim. According to the CBL’s published exchange rate archives:
On Tuesday, February 25, 2020, the official selling rate was L$200.1825 to US$1.00.
On Wednesday, February 26, 2020, the rate ranged from L$200.9183 to US$1.00.
These figures indicate that the Liberian Dollar had already surpassed the L$200 mark against the USD during the Weah administration in 2020, four years before the current Boakai government took office in 2024.
No credible historical data from the Central Bank, IMF, or other financial sources support Nagbe’s assertion that the 200:1 rate is a first occurrence.
Furthermore, Mr. Nagbe did not provide any verifiable evidence to support his claim beyond the anecdotal image of a street exchange board, which is not a reliable or official source.
Conclusion
The claim that Liberia had, for the first time since its founding in 1822, reached an exchange rate of L$200 to US$1 under President Joseph Boakai’s administration is false.
Nagbe’s claim lacks a factual basis and misrepresents the historical trajectory of Liberia’s currency valuation.
