By Amara Thoronka

In an earlier statement from the Central Bank of Sierra Leone, on the redenomination of the Leone, it was communicated that tomorrow, Sunday, 31^st December, 2023, the Old Leone would cease to be the legal tender of Sierra Leone.

Notwithstanding the end of the Old Leone’s lifespan, the country’s banking regulatory agency said the Old Leone would be exchanged for the New Leone from 1^st January 2024 to 31^st March 2024, a three-month period to exchange the Old Leone at the Central Bank and all commercial banks nationwide.

The Bank of Sierra Leone emphasized that, started 1^st April 2024, immediately after the end of the three-month exchange period, the Old Leone – which circulation ends today, will not be exchanged for the New Leone. The Central Bank therefore advised persons, businesses and institutions to use the given three-month period to exchange the Old Leone in their possession.

It could be recalled that Sierra Leone introduced the New Leone in July 2022. The New Leone knocked off the three last zeros in the Old Leone. Le10000 became Le10. Le5000 became Le5. Le2000 became Le2 while Le1000 became Le1. A new banknote, Le20, was introduced, making it the nation’s highest banknote. Also, coins like 5cent, 10cent, 25cent, and 50cent were introduced. It is important to note that both old and new currencies are of the same value. However, what stands out is that the Old Leone, with its many zeros, was high sounding with seeming less value.

Since the introduction of the New Leone in July 2022, both the Old and New Leones have been circulating legally simultaneously. The initial transition period expired, but was extended to 31^st December 2023.

Copyright –Published in Expo Times News on Saturday, December 30^th, 2023 (ExpoTimes News – Expo Media Group (expomediasl.com)