By Foday Moriba Conteh
In a press briefing held on Wednesday, January 3, 2024, at the Central Bank’s Conference Hall in Freetown, the Governor of the Bank of Sierra Leone, Dr. Ibrahim Bockarie Stevens, emphatically declared that there would be no postponement of the deadline set for December 31, 2023, regarding the use of old Leone notes as legal tender for financial transactions in the country. As of January 1, 2024, only the new Leones are recognized as the legal currency for all financial transactions in Sierra Leone.
Governor Stevens addressed the public, emphasizing that those possessing old notes could promptly visit any commercial bank, community banks, or designated agents appointed by the Bank of Sierra Leone for the seamless exchange of old notes to the new Leones, maintaining their equivalent values.
Furthermore, the Governor highlighted those individuals with bank accounts could deposit their old Leones into their respective accounts in either commercial or community banks. Dr. Stevens elaborated on the various options available for exchanging old Leones, emphasizing that this process would be in effect from January 1 to March 31, 2024.
Governor Stevens also shed light on the comprehensive mechanisms implemented by the bank, extending down to Chiefdom levels, to facilitate the exchange of old notes for new Leones in remote communities. Mobile teams, organized by the Bank, are set to visit local markets across the country during this period, ensuring accessibility for individuals in even the most remote areas.
Notably, after the three-month grace period concludes on March 31, 2024, old Leones will only be exchangeable at the Bank of Sierra Leone, effective April 1, 2024. Governor Stevens urged the public to utilize the available options for exchanging old Leones during the grace period, emphasizing that after this period; old Leones would no longer be accepted as legal tender for financial transactions in the country.
In another development, the Bank of Sierra Leone in a Public Notice dated January 5, 2024, addresses a concerning issue involving an online entity named “SUPER ADVERTIS.” The bank cautions the public against participating in a covert financial scheme promoted by this entity through mobile money platforms, involving the acceptance of deposits from individuals.
The Bank of Sierra Leone clarifies that it has not granted any license to “SUPER ADVERTIS” to conduct financial activities, making such activities illegal. The public is strongly warned against engaging in any financial transactions with “SUPER ADVERTIS.”
Furthermore, the notice emphasizes that individuals should verify the presence of a Bank of Sierra Leone-issued license displayed in the premises of any financial institution licensed by the bank before engaging in financial transactions with that institution.
This public notice extends to all businesses engaging in similar unauthorized schemes, urging them to cease such practices immediately. The Bank of Sierra Leone issues this notice to uphold the safety and soundness of the financial system in Sierra Leone, aligning with its legal mandate.
