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In a public notice dated November 24, 2023, the Bank of Sierra Leone officially declared the conclusion of the transition period for the coexistence of old and new currency in the country. This decision follows the extension granted in a prior notice on March 10, 2023, which pushed the transition period to December 31, 2023.
As per Section 18(1) of the Redenomination of the Leone (Consequential Provisions) Regulations, 2022, the Bank made key announcements to the public. Firstly, the transition period allowing the usage of the old currency, including pre-redenomination notes and coins, will conclude on December 31, 2023. Effectively, from January 1, 2024, the old currency will no longer be considered legal tender.
The Bank outlined a structured process for the exchange of the old currency during the transitional phase. Between January 1, 2024, and March 31, 2024, individuals can exchange the old currency for the redenominated currency at various locations, including the Bank itself, designated agents, commercial banks, and other financial institutions across Sierra Leone. However, after March 31, 2024, the exclusive avenue for exchanging the old currency for the redenominated currency will be the Bank of Sierra Leone or its designated agents.
The public notice emphasized that the announced changes will come into effect on the date of publication in the Gazette. This development signifies a crucial step in the financial landscape of Sierra Leone, marking the full implementation of the redenomination initiative. The Bank of Sierra Leone urges the public to be aware of these changes and take necessary steps to facilitate the smooth transition from the old to the new currency.
As Sierra Leone enters this new phase of its monetary system, the central bank remains committed to ensuring a seamless transition for its citizens and encourages cooperation from the public in adhering to the outlined procedures.
Read the Full Public Notice Below ⬇️
If it is true, then the banks should stop giving out old Leones henceforth from now. If not, it will be difficult for this particular law to stand. They should only be in the position of receiving thr old Leones and to give it out.
You are right, I think the bank of Sierra Leone also need to release another public notice to stop all banks from paying old notes to their customers now.