Bank of Sierra Leone Announces Conclusion of Leone Redenomination Transition Period
Aaron Parker The Bank of Sierra Leone has officially declared the end of the transition period for the redenomination of the Leone, as stated in a public notice released recently.
This announcement marks a significant milestone following the previous extension of the transition period.
Initially extended on 10th March 2023, through a public notice, the Bank of Sierra Leone had prolonged the transition period—the duration during which both the old and new currency remained legal tender—until 31st December 2023.
According to Section 18(1) of the Redenomination of the Leone (Consequential Provisions) Regulations, 2022, the Bank of Sierra Leone, referred to as ‘the Bank,’ conveyed crucial information to the public:
The transition period for the Old Currency (The Pre-Redenomination Notes and Coins) as legal tender in Sierra Leone concludes on 31st December 2023.
Starting from 1st January 2024, the Old Currency (The Pre-Redenomination Notes and Coins) will no longer hold legal tender status.
During the period between 1st January 2024 and 31st March 2024, individuals can exchange the Old Currency for the Redenominated Currency at the Bank, its designated Agents, Commercial Banks, and Other Financial Institutions in Sierra Leone.
This announcement signifies the final phase of the currency redenomination process, prompting individuals to ensure the exchange of the old currency within the stipulated timeline to avoid any inconveniences following the cessation of its legal tender status.
Na ya na salone
Yes indeed
Okay… Thank God there’s a provision to exchange it.. even though it has a period
Seems like the old money more then the new money . Any way yh na salone
Ok we dae listen to wunna
I have a concern and I want this to reach the bank governor and his excellency the president of Sierra Leone.
We’ve been hearing that after the closing date of the old note as legal tender in Sierra Leone, it’s rightly said that we can continue to make exchange in banks till March 2024. But will there be any deduction on our moneys we shall duly exchange because of the delay to do exchange before end of December? Because that is what we’ve been hearing. Let me give an example: if you carry 100, 000 old leones to exchange, you will not receive the equivalent amount which is 400 new leones, instead you will receive less than… because of bringing it after December.
If that the case, I ask for another period of time to be added to the redenomination so that everyone will be able to do the exchange. Thank you.
we are ready to received the new leone.but, we don’t want any excused after the money expired pls.🙏🙏🙏
It’s good to hear that
It’s good to hear that
Let us see how this can manifest in to reality when we are living with some kind of lawless country fellows. The old is remain hidden in the homes of certain families having still the confidence that this would not prevail. So rush up all you money owners.It seems like it is time for government to take it actions.
This is the best wish of the moment. We will nolonger buy common items in thousands of Leones like before except very important ones.