New Leones: What to Do if You Still Have Old Money After December 31st Deadline
Mohamed Aruna The Bank of Sierra Leone has announced that the grace period for exchanging old Leones has ended, meaning the pre-redenomination notes and coins are no longer legal tender as of January 1, 2024.
However, there’s still a window of opportunity to swap your old bills for the new ones. If you still have old Leones, don’t panic! You have until March 31st to exchange them for the new currency.
Individuals and businesses that are still in possession of the old Leone are encouraged to effect the change at any commercial bank between the 1st January 2024 and 31st March 2024. Most banks will be happy to exchange your old Leones for the new ones during the designated period.
If you can’t get to a commercial bank, you can also exchange your old Leones at the Bank of Sierra Leone or its designated agents.
After March 31st, the commercial banks may no longer accept old Leones. You can only exchange them at the Bank of Sierra Leone or its designated agents.
The redenomination of the Leone was introduced in July 2022 to address inflation and make the currency easier to use. The new Leones are worth 1,000 times the value of the old Leones.
The old Leone and the new Leone they have values the thing here is the zero l
What’s the difference value for both old and new Leones.
So how about those who can’t be able to reach banks
Example like people in the sub region where it’s difficult to access Bank
Then I’m suggesting for Felling Station and Toll Gate to accept it because they are dealing with the Banks direct
How about those in the villages where there is no bank
I think the new leones is never more or less valuable than the old leones. Not at all. The only difference is the zeros. One thousand old leones is now one new leone with the same value.
Oh Salone
Let the fuel stations and other big enterprises that deal with the banks directly to accept the old Leones.