The Governor of the Central Bank of Sierra Leone Dr. Ibrahim Stevens has informed that the old notes are no longer legal tenders in Sierra Leone and therefore the exchange of old currency to new currency should be at no cost to customers.
Addressing journalists, at a press conference held on Wednesday, 3rd January 2024, at the Central Bank conference room on Gloucester Street in Freetown, the Bank Governor, Dr. Ibrahim Stevens disclosed that, since they announced sometime in November that the concurrent use of the old and new Leone would end on the 31st December 2023, following that from the 1st of January, 2024, on till the 31st of March, 2024, everybody has the opportunity to go to any commercial bank, community bank, other financial institutions or the Bank of Sierra Leone to exchange their old currency from the new currency at zero cost, there is no cost involved, there are no restrictions and nobody should say otherwise.
Governor Stevens pointed out that, commercial banks are not allowed to put preconditions on one to open an account before exchanging their money. He disclosed that from the 1st of April going forward, people still have the opportunity to exchange the old currency for the new currency by going to the Bank of Sierra or appointed agents of the Bank. Governor Stevens states that the principal agent for the central bank is the APEX bank, as according to him, APEX bank coordinates a large portfolio of community banks, adding that they are working on the arrangement for that. He said after the 31st of March, the 1st of April people would have access to the Bank of Sierra Leone, their outlet at Post Office and APEX bank which is their main agent for this activity. He explained that in order for citizens to be more knowledgeable on the transition from the old Leone to the new Leone, they have been meeting with Council of Paramount Chiefs where they have agreed to provide mobile changing facilities through the APEX bank in far remote areas, working very closely with Paramount Chiefs.
He said leading up to the 31st December, they organized a large sensitization programme at the Chiefdom level. Dr. Stevens stated that in every Chiefdom in the country, the PC nominates four people who are provided honorarium to conduct effective sensitization in their Chiefdom. According to him they are also using the members of Parliament to talk to their constituents, dilating that they intend continue using the local structures in the Chiefdoms to reach as many people as they could. He said they intend to make sure that this exchange is seamless, uncomplicated and everybody can do it.
He assured citizens that nobody would lose anything adding that people are assured of their value, urging people to bring their monies to the banks, whatever little it is, they will give you the equivalent value of the new currency. “Our job is to provide that financial security and we will lead by that commitment, and I will want to reassure the public that we would continue to do everything we can,” he assured, adding that people don’t need to offer their old currency at a discount to get the new one. He furthered that people can have their new currency at no cost at the outlets that have been mentioned above. He maintained that the mobile units are currently in Freetown, they will be going outside Freetown to the provincial headquarters working with the chiefs.
On his part, the Minister of Information and Civic Education Chernor Bah also, among other things, called on people to access commercial banks to exchange their money.
It’s fantastic news! The Bank Governor’s assurance of a cost-free exchange of old Leones to new Leones is a positive step towards a seamless transition. Citizens can now exchange their currency without any cost or restrictions, ensuring a smooth and uncomplicated process. The commitment to financial security and the outreach efforts, including mobile changing facilities in remote areas, demonstrate a thoughtful approach to help everyone through this transition. 👏🏦💵
Great news. At least, my question has been answered. Thank you very much for this. Let the banks take note ooo…