False.

Number LIV is read as 54, i.e. LIV = 50 + 4 = 54 and

Number LVI is read as 56, i.e. LVI = 50 + 6 = 56

⇒ 56 > 54 ⇒ LVI > LIV
LIV is smaller than LVI
∴ It is false.