BREAKING: Bank of Sierra Leone Announces Date New Leones Will Be in Use
The Bank of Sierra Leone has today 16 June 2022 announced that the denomination currency shall become legal tender effective 1″ July, 2022.
The Bank further announced that the Leone – existing currency will cease to be the legal tender on October 1st.
The notice published in the Sierra Leone Gazette is stated below:
REDENOMINATION OF THE LEONE
The Bank of Sierra Leone (hereinafter referred to as the ‘Bank’) hereby states as follows: 1. Pursuant to section 1(3) of the Redenomination of the Leone (Characteristics) Regulations 2021, the redenominated currency shall become legal tender effective 1″ July, 2022.
2. The existing currency shall continue to be legal tender (concurrently with the redenominated currency) for a transition period 1st July, 2022 to 30th September, 2022.
3. The existing currency shall cease to be legal tender effective 1 October, 2022.
4. Notwithstanding (3) above, from 1st October to 15th November, 2022, the public may exchange the existing currency for the redenominated currency free of charge at the Bank or such other places designated by the Bank.
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5. The Bank shall cease to exchange the existing currency for the redenominated currency after 15th November 2022, subject to the provisions of section 30 (3) of the Bank of Sierra Leone Act 2019.
6. This Public Notice shall become effective on the date of its publication in the Gazette.
7. All provisions herein shall remain in force unless otherwise stated in a subsequent Public Notice issued by the Bank and published in the Gazette.
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