Fresh Bank Governor Offers Insight into Shift from Old Leones to New Leones
Sierra Leone's Bank Governor, Dr. Ibrahim Stevens, confirms the discontinuation of the old Leone as legal tender by the close of 2023. In an exclusive interview with Radio Democracy 98.1 on November 22, 2023, Dr. Stevens elaborated on the transition, stating that old notes won't be accepted in transactions after December 31 this year.
He assures Sierra Leoneans that while the old Leones won't be usable, they won't lose value. Individuals can exchange their old currency at the Bank of Sierra Leone or any Commercial Bank from January 1 to March 31 next year, receiving new notes with an equivalent face value.
Dr. Stevens emphasizes the simplicity of the exchange process, assuring, "if you bring OLE 10,000, you will receive NLE 10." Sierra Leone currently uses both Old Leones (Le) and New Leones (NLE) since the redenomination on July 1, 2022. The initially planned cessation of the old Leones in October last year was extended to March 31, 2023, raising questions about the dominance of old notes post-extension.
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