The Bank of Sierra Sierra Leone has issued a press release dated 24 June 2022, on  the new measures set to be implemented during the circulation of the New Leones in the country.

The release further pointed out that  “Whereas paragraph 1 of Public Notice No. 223 published in the Gazette on the 16th day of June, 2022 states that

“pursuant to section 1 (3) of the Redenomination of the Leone (Characteristics) Regulations 2021, the redenominated currency shall become legal tender effective 1st July, 2022”,

The Bank of Sierra Leone  further issued the following directives to all commercial banks and other deposit-taking institutions :

a) Pursuant to section 122(2) of the Banking Act, 2019, Thursday, the 30th day of June 2022 shall be declared a bank holiday with regards to systems and transactions, and accordingly all commercial banks and deposit-taking institutions shall be closed to the public.

b) Pursuant to section 122(1) of the Banking Act, 20190 Friday, the 1st day of July 2022 which is the appointed date for the redenominated currency to become legal tender, banking hours shall be from 11 am to 6 pm.

c) Pursuant to section 65 of the Bank of Sierra Leone Act, 2019, effective the 1st day of July, 2022 for the purposes of exchange of existing to redenominated currency, over the counter limit per transaction shall be as follows: i)

Le30,000,000.00 (thirty million Leones) for individuals. ii)

Le100,000,000.00 (one hundred million Leones) for corporate entities.

The release advised members of the public to adhere to these guidelines accordingly.