"Bank of Sierra Leone Successfully Concludes Redenomination Transition Period for Leone Currency"

December 30, 2023

The Bank of Sierra Leone has officially declared the conclusion of the transition period for the redenomination of the Leone, as communicated in a recent public notice. This announcement is a significant milestone, coming after the extension of the transition period on 10th March 2023. The extended period, during which both the old and new currency were considered legal tender, now concludes on 31st December 2023.

As per Section 18(1) of the Redenomination of the Leone (Consequential Provisions) Regulations, 2022, the Bank has conveyed vital information to the public. The transition period for the old currency (pre-redenomination notes and coins) as legal tender in Sierra Leone ends on 31st December 2023. Starting from 1st January 2024, the old currency will no longer hold legal tender status.

Between 1st January 2024 and 31st March 2024, individuals have 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 marks the final phase of the currency redenomination process, emphasizing the importance for individuals to exchange the old currency within the specified timeline to avoid inconveniences post its legal tender cessation.

The Bank's proactive approach ensures a smooth transition and provides clear guidelines for the public to adapt to the changes. This development is integral to the financial landscape of Sierra Leone and reflects the Bank's commitment to effective currency management.