In a public notice dated November 24, 2023, the Bank of Sierra Leone officially declared the conclusion of the transition period for the coexistence of old and new currency in the country. This decision follows the extension granted in a prior notice on March 10, 2023, which pushed the transition period to December 31, 2023.

As per Section 18(1) of the Redenomination of the Leone (Consequential Provisions) Regulations, 2022, the Bank made key announcements to the public. Firstly, the transition period allowing the usage of the old currency, including pre-redenomination notes and coins, will conclude on December 31, 2023. Effectively, from January 1, 2024, the old currency will no longer be considered legal tender.

The Bank outlined a structured process for the exchange of the old currency during the transitional phase. Between January 1, 2024, and March 31, 2024, individuals can exchange the old currency for the redenominated currency at various locations, including the Bank itself, designated agents, commercial banks, and other financial institutions across Sierra Leone. However, after March 31, 2024, the exclusive avenue for exchanging the old currency for the redenominated currency will be the Bank of Sierra Leone or its designated agents. 1 Share