The street name comes from the name of the townland - Ligoneil or in Irish Lag an Aoil "hollow of the lime". It had previously been called Post Office Row.
Dual language street sign (English and Irish) approved in December 2023.
"On the application of Mr. P. McKeown, of Ligoniel Road, the name Post Office Row Ligoniel was changed to Ligoniel Place and the Surveyor instructed to have the necessary name plates fixed". (30th September 1913).