On a notice issued on 30 December 2023, the Bank of Sierra Leone reiterated that the simultaneous circulation of both Old Leone and New Leone notes and coins will end today, December 31, 2023.
This follows the Bank’s announcement on November 24, 2023, and in accordance with Section 18(1) of the Redenomination of the Leone (Consequential Provisions) Regulations, 2022.
The public is hereby reminded of the following key points:
1. The simultaneous circulation of both Old Leone and New Leone notes and coins will cease as of December 31, 2023.
2. From January 1, 2024, to March 31, 2024, the exchange of Old Leone notes and coins for their New Leone counterparts can be facilitated at the Bank of Sierra Leone, commercial banks, microfinance institutions, community banks, and other financial entities, with no charges to the customer.
3. Starting April 1, 2024, only the Bank of Sierra Leone or its designated agents will handle the exchange of Old Leone notes and coins for New Leone, and this service will remain free of charge.
4. The exchange will be conducted at a one-to-one ratio, ensuring that Old Leone notes and coins are swapped for an equivalent face value in New Leone notes and coins.
This marks a significant milestone in the financial landscape as Sierra Leone concludes its transition period, ushering in a new era for the national currency.
