By: Thaimu Bai Sesay
In a press briefing held on Tuesday, February 20, 2024, Dr. Ibrahim Stevens, the Governor of the Bank of Sierra Leone, announced the successful completion of the transition from the old Leone currency to the new. With over 85% of the old currency collected, the Governor commended the people of Sierra Leone for their cooperation and participation in the process.
The Governor expressed his gratitude for the opportunity to directly address the nation and credited the public’s trust and belief in him and his team for facilitating a smooth transition. He highlighted two key strategies employed to ensure success: clear communication to the public that there would be no loss incurred and sufficient stock of the new currency to avoid cash shortages.
Notably, despite ongoing transitions, there was no reported pressure on banks for cash, indicating effective management of the process. The Governor reiterated that until the end of March, individuals could exchange old Leones at banks without incurring any costs or being required to open accounts, simply by presenting identification.
Addressing concerns about missed deadlines, the Governor reassured citizens that they could exchange old currency at the Bank of Sierra Leone or Apex Bank, a specialized agent, until April. He emphasized that currency reform need not be daunting, emphasizing the importance of clear information and ample notice.
In clarifying currency codes, the Governor confirmed that the international code for the Sierra Leone currency would be SLE in block letters, while the local code would be Nle, with “N” in block letter and “le” in lowercase. He emphasized that despite the retirement of the “le,” it would remain on records temporarily.
The transition aimed to simplify currency denominations and promote clarity, particularly for international transactions. The Governor urged adherence to the designated codes to prevent confusion, assuring citizens that all codes were operational.
As the nation successfully navigates this currency transition, the Bank of Sierra Leone remains committed to facilitating a smooth process for all citizens.
