The Bank of Sierra Leone (BSL) has announced that starting April 1st, 2024, commercial banks will no longer accept old Leone notes for exchange with the redenominated currency, the New Leone. This decision, as stated in a press release issued on March 28th, 2024, follows a previous announcement made by the BSL on December 30th, 2023.
After April 1st, individuals will no longer be able to exchange old Leone notes at commercial banks. However, they can still exchange these notes for New Leones at Bank of Sierra Leone offices in Freetown and Kenema, as well as at Apex Bank (SL) Limited and all community banks.
It is important to note that there is no cost associated with exchanging old Leone notes for New Leones. The BSL encourages everyone to complete their exchanges before the April 1st deadline to avoid any inconvenience.
The redenomination of the Sierra Leonean currency is part of efforts to enhance the efficiency of the country’s monetary system and reduce the large numbers involved in transactions. This move is expected to streamline financial transactions and improve the overall economy.
