The Central Bank of Somaliland has lifted the ban it had previously placed on the use of US$50 bills.
Ali Ibrahim Jama Baqdadi, the Central Bank Governor, announced this on Thursday, August 12.
While making the announcement, Governor Baqdadi urged traders, banks, and all financial institutions – including the Central Bank – to use the $50 bill without any hesitation.
Previously, the Central Bank banned the use of this specific denomination over fears of widespread presence of fake $50 bills in circulation.
He made this announcement during a meeting with traders in Hargeisa.
On their part, the traders welcomed the decision and promised to start using or accepting the denomination with immediate effect.