This rare kanji has no clear standalone meaning. Treat its meaning as uncertain.
櫖 combines 木 (tree/wood) with 慮, which likely contributes the sound. The exact historical development and original meaning are uncertain.
With 木 on the left and 慮 on the right, picture a wooden object associated with deep thought or consideration, though its exact purpose is unclear.
For リョ, imagine a wooden lyre (リョ) carved from the tree 木, its music prompting deep thought like the 慮 component suggests.