A high powered delegation from the Bank of Sierra Leone headed by the Deputy Bank Governor who doubles as Director of Financial Institution and Supervision, Dr. Ibrahim Lahai Steven were in Pujehun District as part of their nationwide sensitization campaign of the new Leones.
Steven disclosed that they were in pujehun in order engage stakeholders and the general public in order to sensitize them on the re-denomination of the new currency that will be in circulation shortly in all banks across the country.
He said that since 1964 Sierra Leone re-denominate its currency, it is only now they are changing it, adding that re-denomination in any county is necessary because it add value to the use of the currency in the country.
He continued that they have calibrated the currency by removing the three ZEROs but will be of the same value.
The Deputy Governor went further to say that the monies that will be in circulation shortly will have the following value; 1000 will now be called 1 Leone, 2000 will now be 2 Leones, 5000 called 5 Leones, 10,000 will be called 10 Leones and they have introduce 20,000 which will also have the same value of 20 Leones. He also intimated that the Bank of Sierra Leone has also introduced coins were as 500 Leones Will be called 50 cent, 250 Leones now called 250 cents,100 leones now called 10 cent, 50 Leone called 5 cent and 10 leons now called 1 cent.
Dr Ibrahim Lahai Steven went on to say as a way to strengthen the public sensitization across the country, they have signed a memorandum of understanding with Radio stations across the country and have also set to employ over 8000 active youths and women in all Chiefdoms across the country to help in the dissemination of the message of the re-denomination of the currency.
He further disclosed that the various banks across the country will start given out the new currency. He added that they are piloting it for 3 months and after which, the Bank of Sierra Leone will now adequately inform the public about the next step.
On her part, the paramount Chief of Gallines Chiefdom PC Madam Yokie Jonjo Massaquoi described the visit of the bank as not only important but very timely. He acknowledged that the re-denomination will help stabilize and add value to the currency which will definitely boost the economy.
PC Yokie Massaquoi informed the bank that since she heard about the re-denomination of the currency, she starts engagements with her subjects to know the important move government has taken in calibrating and re-denominating the currency saying is a step in the right direction by the New Direction Government.
The Sensitization exercise was climaxed with a question and answer Session match pass.