By Chernor Alimamy Kamara
The Bank of Sierra Leone (BSL) has extended use of the Old Leone notes until 31st December, 2023, according to a notice issued by the bank on the 10th March, 2023.
The bank informed the public that if there is no further extension to the aforementioned date, on the 1st January, 2024, everyone should cease using them as legal tender in Sierra Leone.
The country’s Central bank says it will continue to use the Old Leones with its designated agents, Commercial Banks and Financial Institutions for the re-denominated currency, the New Leone, until the stipulated time frame of December 31st.
It could be recalled that the Bank embarked on redenomination of the local currency the Leone in July last year. It has on numerous occasions extended the use of the Old Leone, raising concerns as to whether the bank was well prepared for the exercise at a time the country is suffering from the global economic meltdown due to the Russia/Ukraine conflict.
Copyright © 2023 Politico (13/03/23)
