By: Hafsatu Z Bangura
The Bank of Sierra Leone has announced that the transition period of the redenomination of the Leone has been extended to 31st March 2023.
This disclosure was made in a press release issued out by the bank of Sierra Leone on September 15th 2022.
Pursuant to Section 18 (1) of the Redenomination of the Leones (consequential provisions) regulations 2022 hereby make the following provisions.
In reference to the Old notes the transition period of 1st July 2022 to 30th September 2022( wherein both the old Leones and the new Leone shall be legal tender is hereby extended to 31st March 2023.
Notes and coins denominated in old Leones shall continue to be legal tender and therefore accepted in transactions in Sierra Leone till the 31st March 2023.
Furthermore more on this effective 1st April 2023, the old Leones shall cease to be a legal tender.
More on this, the press release sales that the Bank of Sierra Leone, designated agents and all commercial banks and other financial institutions shall continue to exchange the old Leones for the New Leone until 31st March 2023,
Between the 1st April to the 15th April 2023, the old Leones shall be exchanged for the New Leone at the bank and conclusively the press states that after the 15th April 2023 the bank shall not exchange the old Leone for the new Leone and this public notice shall become effective on the date it is published in the Gazette.
