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It was named in honor of Mr Antonio Raiol, a Historian and writer. He wrote about the colonial time of the State of Pará. He was also a participant in the General Assembly of the State and president of the Province in 1882.

The previous name of this Square was Mercy, because there was a Hospital with the same name in the square.

Based on the Book "Ruas de Belém" from Historian Ernesto Cruz