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The newly appointed Bank Governor of the Bank of Sierra Leone, Dr. Ibrahim L. Stevens has confirmed that as of 31st December 2023, old Leones shall not be used as legal tender in the country.
The Bank Governor disclosed this information at the Committee on Approval in Committee Room One in Parliament on Monday 13th November, 2023, during the vetting process.
He said that they are doing everything humanly possible to make sure that the transition goes on smoothly, adding that they have put mechanisms in place for a robust plan to manage the transition wherein nobody will lose face value during the process.
In his response to answering the question posed by the Committee Chairman who doubles as Leader of Government Business in Parliament, Hon. Mathew Nyuma on the timeframe and sufficiency of new Leones to the public, Governor Stevens said in terms of the phasing out and timeframe of the transition, a release will be issued out very soon from the Bank of Sierra Leone explaining details of the transition without losing values and timeline.
“We would have an orderly transition. We would also make sure that there are sufficient new Leones by January 2024. Subsequently, you can bring the old currency back to the Bank of Sierra Leone and get face value with the new currency. From now to December 31st this year, you would have an opportunity either to commercial banks, Bank of Sierra Leone, or any banks to replace old currency,” he said.
Other members of the Committee including Honorable Aron Koroma and Dickson Rogers cautioned the governor to be cautious in dealing with the redenomination of the Leones, as according to them, it is barely 48 days left in 2023 and the old Leones are still predominant in banks and bureaus nationwide.
The new Bank Governor was appointed about two weeks ago, by President Julius Maada Bio from the position of Deputy Governor of the Bank of Sierra Leone (BSL), to the substantive Governor of the Central Bank. Dr. Stevens succeeds Professor Kelfala M. Kallon, who has been on indefinite leave since March, this year.
Hope to see him achieve this the shortest time possible
Very good decision
How is this possible, when banks are still giving out the old Leones?
How is this possible when banks are still dishing out the old Leones? Ooo Salone!
Are they prepared for this?
Except if there are enough new leones to cover for the running old leones that more alike in our market than the new leones
We don’t want any excuse this time round Mr governor, we hope you achieve this in good faith.
That’s good decision
Good news I’m happy to hear this information I it’s going to happen by God grace
Mr Governor this time too short okay oh we dae wait
May God impose the fearness of him into our new bank governor
This has been my wish. May it happens as soon as possible.
There’s never a need to give an expiry date for any old currency. The banks just need to stop recycling it into the system, it will definitely fade out.
There’s never a need to give an expiry date for any old currency. The banks just need to stop recycling old currency and it will definitely fade out. The greatest challenge is to ensure that the old currency is well protected and accounted for by the central bank not to be reused again.
I think the time frame is too short for the newly appointed Bank Governor to take this Huge task looking at the distribution process and how those that do not have clear understanding on to go about this process, But we pray 🙏 for him to over come.
Have the Governor has checked out the amount of old currency at the world market or nationwide? Hope he has calculated the total amount of both the old note and new note?. Please let him Strategize himself well, about the future recommendations for this short period of changing the note as well. Let him stay out of negativity,Biased, sentiment and Allow positivity to rule please🙏.
Good news! Hope this time around you will do it
We pray 🙏 for it to happen
We only hope that it will work this time around, it is only under this Bio dispensation that we have used the old not for more than a year and they are still not able to control or phase it out.
We voted this Government but to our dismay , all of our expectations have been shattered as there is nothing to talk about good of , mobile top up, Electricity top up, water rate , fuel, Transportation and cost of living have exponentially increased, with no corresponding increments in compensations, a liberal SLPP has nothing to oppose the then APC regime, as everything that president Bio accused the opposition of had tripled under his tenure. Except corruption.
Just imagine the killer tax that he is set to unleash on the proverbial Sierra Leonean come January 2024, is this what we were promised? People are suffering and still, the Government is exploring every avenue to kill us again. Was this your agenda in your campaign? I am afraid.