The Bank of Sierra Leone has officially announced the conclusion of the transition period for the redenomination of the Leone, marking a significant milestone as outlined in a recent public notice. This announcement comes after the initial extension of the transition period, a development communicated to the public through a public notice on March 10, 2023.
On a post on twitter
The Central Bank of #SierraLeone, @bankofsl, issues final notice for phase-out of old bank notes to make way for the full introduction of the new redenominated bank notes @Cee_Bah @dsengeh @moped2023 @PresidentBio pic.twitter.com/xILUTk2bRX
— Ministry of Information and Civic Education MOICE (@MoiceComm) December 30, 2023
Originally extended until December 31, 2023, the
transition period served as the duration during which both the old and new
currency coexisted as legal tender. Section 18(1) of the Redenomination of the
Leone (Consequential Provisions) Regulations, 2022, empowered the Bank of
Sierra Leone, referred to as 'the Bank,' to provide vital information to the
public.
The transition period for the old currency (the pre-redenomination notes and
coins) as legal tender in Sierra Leone officially concludes on December 31,
2023.
Starting January 1, 2024, the old currency (the pre-redenomination notes and
coins) will lose its legal tender status.
From January 1, 2024, to March 31, 2024,
individuals are given the opportunity to exchange the old currency for the
redenominated currency at the bank, its designated agents, commercial banks,
and other financial institutions in Sierra Leone.
This announcement signifies the conclusive phase
of the currency redenomination process. Individuals are urged to ensure the
timely exchange of the old currency within the specified timeline to avoid any
inconveniences arising from the cessation of its legal tender status.
The conclusion of the redenomination transition period represents a crucial step in the currency reform initiated by the Bank of Sierra Leone, emphasizing the need for public awareness and cooperation to facilitate a smooth transition to the redenominated currency.
