New Leones Take Effect 1st July 2022.

New Leones Take Effect 1st July 2022

The Bank of Sierra Leone (BSL) says Redenomination starts on 1st July 2022 with the New Leones used side by side with the Old Leones until 30th Sept. 2022, and use of Old Leones will stop on 1st Oct. 2022 but can still be exchanged at BSL from 1st Oct. till 15th Nov. 2022 when it will cease to be legal tender. 

According to a Public Notice signed by the Bank Governor, Professor Kelfala M. Kallon, the redenominated currency shall become legal tender on 1st July, 2022, pursuant to Section 1 (3) of the Redenomination of the Leone (Characteristics) Regulations 2021. 

“The existing currency shall continue to be legal tender (concurrently with the redenominated currency) for a transition period 1st October, 2022”, the notice states.

It adds “The existing currency shall cease to be legal tender effective 1st October, 2022”.

The notice also says “Notwithstanding [the above], from 1stOctober to 15th November, 2022, the public may exchange the existing currency for the redenominated currency free of charge at the Bank or such other places designated by the Bank.”

“The Bank shall cease to exchange the existing currency for the redenominated currency after 15th November, 2022, subject to the provisions of section 30 (3) of the Bank of Sierra Leone Act 2019.”

The notice ends by saying that all provisions herein shall remain in force unless otherwise stated in a subsequent Public Notice issued by the Bank and published in the Gazette.

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