Freetown, November 24, 2023 — In an official announcement today, the Bank of Sierra Leone has formally signaled the end of the transition period for the coexistence of the old and new currency in the country.
This decisive move comes after an extension was granted in a previous notice on March 10, 2023, extending the transition period until December 31, 2023.
Under Section 18(1) of the Redenomination of the Leone (Consequential Provisions) Regulations, 2022, the Bank has communicated critical information to the public.
The transition period, allowing the use of the old currency, including pre-redenomination notes and coins, will officially conclude on December 31, 2023. Consequently, starting January 1, 2024, the old currency will lose its status as legal tender.
To facilitate a smooth transition, the Bank has outlined a structured process for exchanging the old currency. From January 1, 2024, to March 31, 2024, individuals can exchange the old currency for the redenominated currency at various locations, including the Bank, designated agents, commercial banks, and other financial institutions across Sierra Leone. However, after March 31, 2024, the exclusive avenue for this exchange will be the Bank of Sierra Leone or its designated agents.
The public notice emphasizes that these changes take effect immediately upon publication in the Gazette.
This development represents a pivotal moment in Sierra Leone’s financial landscape, marking the full implementation of the redenomination initiative.
The Bank of Sierra Leone urges the public to stay informed about these changes and take necessary steps to ensure a seamless transition from the old to the new currency.
As Sierra Leone embarks on this new phase of its monetary system, the central bank reiterates its commitment to facilitating a smooth transition for citizens and encourages cooperation from the public in adhering to the outlined procedures.
