A new bus stop to serve the airport and ferry terminal has also been installed, and the crossing facilities at Lime Street have been upgraded.
Officials want the scheme to draw traffic away from Lime Street to ensure motorists use the improved route up Copperas Hill and on to Seymour Street.
The aim is to reduce congestion for travellers arriving at Lime Street station and visitors to St George's Plateau.
Motorists were warned last night that turning left into Ranelagh Street from Renshaw Street is illegal except for buses, taxis, cyclists and loading access.
The changes are part of the £73m City Centre Movement Strategy to improve the roads and public areas of Liverpool, developed by partners Liverpool City Council, Liverpool Vision and Merseytravel.
Last week, the Daily Post revealed the city centre's major route to the new Paradise Street bus station is to close for almost a year and a half from next month.
Hundreds of buses a day will have to be re-routed during a full shutdown of Hanover Street and virtually all of Ranelagh Street for a combination of work by Grosvenor, United Utilities and gas company National Grid.
The works on Skelhorne Street are the final phase of Big Dig changes in that part of the city, following on from improvements to Renshaw Street and Berry Street, Seymour Street and Copperas Hill at the end of 2005.
Cllr Millea added: "We ask pedestrians and motorists to take great care while everyone gets used to the changes."
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