By: Thaimu Bai Sesay
On Friday, November 15th, 2024, the Parliament of Sierra Leone amended the Bank of Sierra Leone Act of 2019 and passed it into law, prohibiting the use of Old Leones, whose expiration date was December 31st, 2023.
The Bank of Sierra Leone Amendment Act 2024 amends the Bank of Sierra Leone Act 2019 and provides for other related matters.
During the debate of the bill in the well of Parliament before enactment, there was a stronger argument centered on the old currency mode of collection. The opposition MPs advanced for the total.
Transacting with the Old Leones is now punishable by law with a fine of not less than NLe150,000, not less than 3 years imprisonment, or both.
However, taking your Old Leones to the Bank of Sierra Leone (Central Bank) for exchange with the New Leones at the same value is still lawful or permissible.
