In a recent revelation at Parliament’s Committee on Approval, the newly appointed Bank Governor, Dr. Ibrahim L. Stevens, confirmed that as of December 31, 2023, old Leones will no longer be accepted as legal tender in Sierra Leone.

Governor Stevens assured a smooth transition, emphasizing that mechanisms are in place to prevent any loss of face value during the process.

Responding to concerns about the availability of new currency, Governor Stevens assured the public that an official release detailing the transition’s specifics, without losing value, will be issued soon by the Bank of Sierra Leone.

He outlined an orderly transition plan, ensuring a sufficient supply of new Leones by January 2024.

During the committee session, Committee Chairman Hon. Mathew Nyuma questioned the timeframe and adequacy of the new currency. Governor Stevens assured an organized process, allowing individuals to exchange old currency for face value with the new one, either through commercial banks, the Bank of Sierra Leone, or other banks until December 31, 2023.

However, some committee members, including Honorable Aron Koroma and Dickson Rogers, urged caution, highlighting the prevalence of old Leones in banks and bureaus with only 48 days left in 2023.

Dr. Stevens, appointed just two weeks ago, succeeded Professor Kelfala M. Kallon, who had been on indefinite leave since March this year.

Tags: Bank of Sierra Leone Leones