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Sierra Leone’s Bank Governor, Dr Ibrahim Stevens, has confirmed that the old Leones is to finally ceased to be a legal tender in the country by the end of 2023.
He was speaking in an exclusive interview with Radio Democracy 98.1, on Wednesday 22nd November, 2023 where He better explained the transition from the old Leones to the new one.
He said by the 31st December of this year, the old notes would not be allowed to be used in transactions, adding that it will totally cease to circulate in transactions.
However, he noted that although the old Leones would not be allowed in transactions after that period, Sierra Leoneans would not forfeit their monies. He said they would not lose any value, adding that they only need to go with their old currency to the Bank of Sierra Leone or any Commercial Bank from the 1st January to 31st March next year, and exchange them for the new notes with the same face value as the ones they went with.
“if you bring with you OLE 10,000, you should be given Nle 10” he assured.
Sierra Leone is presently using two Leone notes: the Old Leones (Le) and the New Leones (NLE). This has been since the introduction of the redenominated currency on the 1st July, 2022.
The old Leones would have ceased to be a legal tender in October last year, according to the announcement by the government a few weeks after the launch of the New Leones. The expiry date was later extended to the 31st March, 2023.
However, the old notes remained dominant in the market, even after the end of the extension, raising questions on the adequacy of the redenominated notes.
Please Mr. Bank Governor, Iet the bankers that will be assigned at the bank to change the old notes with the new ones not levy changes on people that will carry their old Leone notes to be changed with the new ones. Let them be worned against that as it is tantamount to corruption which is a criminal act.