By Alusine Fullah
The Bank Governor of Sierra Leone, Dr. Ibrahim L. Stevens has updated the press on the 3rd January, 2024 about the transition of the old Leones to the new Leones. Dr. Stevens emphasized that, as of 31st December 2023, the old Leone has legally expired for financial transactions or activities. He added that the Bank of Sierra Leone, in collaboration with commercial banks, is doing everything humanly possible to make sure the transition goes on smoothly, adding that they have put mechanisms in place to manage the transition process.
“As I speak, we have put many mechanisms in place for a smooth transition. For instance, we have made sure that there are sufficient new Leones in our banks. Subsequently, you can bring the old currency back to the Bank of Sierra Leone and get face value with the new currency. From now to March 31st this year, you would have an opportunity either to commercial banks, Bank of Sierra Leone, or any banks to replace old currency,” he said
According to the Bank Governor, the Bank of Sierra Leone has held several meetings with paramount chiefs, CSOs, community radio stations and other relevant authorities to make sure the procedures or main message reaches everyone, especially in hard-to-reach areas.
He said: “We have tried and we will continue to try to adequately provide sensitization to hard-to-reach areas. We have also used the MPs to talk to their constituents to reach as many Sierra Leoneans about this transition… our intention is to make sure that this process is uncomplicated. I want to assure that nobody will lose anything,” he said.
The Bank Governor also urged people not to be afraid or not to hesitate to go to any commercial bank for the exchange of the old currency. He said: “Whatever you have, please bring it to any commercial bank and you will get the equivalent value in the new currency…our job is to provide financial security to all and sundry,” he assured.
The Bank Governor asked people not to rush. He said: “I want to assure everybody in the country that the arrangements we have put in place are multiple. So, please don’t rush to go out and offer your old currency for discount. You can have the new one at no cost if you visit any of the commercial banks across the country,” he said.
In his statement, the Minister of Information, Chernor Bah assured the people of Sierra Leone to follow the legal means in the process. He added that the Government of Sierra Leone will continue to support the Bank of Sierra Leone for a smooth transition.
Copyright –Published in Expo Times News on Sunday, January 7th, 2023 (ExpoTimes News – Expo Media Group (expomediasl.com)
