By Nasratu Kargbo
The Bank of Sierra Leone has extended the expiry date for the old Leone currency that is still in circulation following the introduction of the new redenominated Leone in July. The central bank in a press release dated 15th September 2022 announced the 31st March 2023 as the extended new date that the old Leone will become illegal tender, as against the 1st October 2002 earlier deadline set by the bank.
“Notes and coins denominated in old Leones shall continue to be legal tender and therefore accepted in legal transactions in Sierra Leone until the 31st March” the release explained.
The banks and other financial institutions are therefore required to continue exchanging the old Leones for the new.
According to the release, banks shall continue to exchange the old notes for the new ones from the 1st to the 15th of April 2023, but after the 15th banks will cease doing any exchange.
People can continue transacting using both old and new currencies but after 31st March 2023, no one will be allowed to transact using the old Leone. The bank had earlier this year issued a press release stating that the old Leones will cease to be legal from the 1st of October 2022.
The new Leones became a legal tender on the 1st of July 2022, and both the new and old Leones were said to continue being legal whilst in transition from the 1st of July to the 20th of September 2022.
The bank of Sierra Leone had stated that it will still create an opportunity for members of the public who might be in possession of the old Leone to exchange it for the new currency between the periods 1st October to the 15th November 2022, a decision that has now been revisited in a bid to ensure people in possession of the old currency be giving more time to do the necessary exchange.
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