BOJ reiterates that it has sole authority to issue currency of island of Jamaica

The Bank of Jamaica (BOJ) has issued another warning that the ‘LUMI’ currency is not authoriaed as a currency in Jamaica and is therefore not legal tender.

The BOJ, which is Jamaica’s Central Bank, issued another advisory yesterday stating that it has come to its understanding that AKL LUMI may be in issue within the island. The LUMI is being promoted for use in the historical Maroon village of Accompong, which is located in the hills of St Elizabeth.

The African Kingdoms LUMI was established as legal tender within the 2014 Bank Act of Accompong and issued to the public by the Central Solar Reserve Bank of Accompong, as the currency of the Sovereign Maroon State of Accompong with its physical bank notes printed in Canada.

The creators of the currency say they are not concerned about being accepted by the BOJ, which sent out a previous advisory last year, stating that the Central Solar Reserve Bank of Accompong is not licensed in Jamaica.

BOJ sole issuer of currency in Jamaica

The advisory states that, “the public is advised that Bank of Jamaica has the sole authority to issue currency of the island of Jamaica, represented by notes and coins issued by Bank of Jamaica. Any purported issuance of currency of the island of Jamaica by a person or an entity other than Bank of Jamaica is unauthorised and in breach of the Bank of Jamaica Act.”

According to the advisory, “specifically, the AKL LUMI, which is purported to be currency and it is understood may be in issue within the island of Jamaica, is not authorised as currency of the island under the Bank of Jamaica Act and is not legal tender within Jamaica”.

The public is further advised that, “any central bank digital currency issued in Jamaica can only be done by Bank of Jamaica. The public should therefore be guided accordingly”.

Recently, new Accompong leader, Colonel Richard Currie, also declared that LUMI was not recognised by his administration.

It has been reported that the LUMI currency is being traded in 135 countries, many of them located on the African continent. Jamaican businessman, Hugh Johnson and immediate past president of the Small Business Association of Jamaica, who has been using the LUMI for some months now, reported that some local farmers have been using the currency to purchase their organic fertilisers and agricultural inputs.