As Redenomination to Take Effect… New Bank Notes Go Into Circulation on July 1st, 2022

By Amin Kef-Ranger

The  Bank Governor of  Sierra Leone Professor Kelfala M. Kallon in a public notice dated 16^th June 2022 stated that pursuant to Section 1 (3) of the Redenomination of the Leone (Characteristics) Regulations 2021, the redenominated currency shall become legal tender effective 1st July 2022.
It was further maintained that the existing currency shall continue to be legal tender (concurrently with the redenominated currency) for a transition period of 1st July 2022 to 30th September 2022.

Also included in the public notice is that the existing currency shall cease to be legal tender effective 1st October 2022.

However, it was also underscored that notwithstanding the existing currency shall cease to be legal tender on the 1st October 2022, from the 1st October 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.

Categorically stated, was that 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 said  Public Notice, it was maintained shall become effective on the date of its publication in the Gazette and that all provisions shall remain in force unless otherwise stated in a subsequent Public Notice issued by the Bank and published in a Gazette.

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