In a statement issued today following their Press Release of December 30, 2023, the Bank of Sierra Leone (BSL) has unveiled new measures regarding currency exchange, in accordance with section 29 of the Bank of Sierra Leone Act 2019.
The BSL addressed the general public with the following key updates:
- Effective April 1st, 2024, Commercial Banks will discontinue the exchange of the Old Leone for the Redenominated Currency (New Leone).
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As of the aforementioned date, individuals seeking to exchange the Old Leone for the New Leone can only do so at specified locations, including the Bank of Sierra Leone offices in Freetown and Kenema, or other designated venues determined by the BSL. Additionally, Apex Bank (SL) Limited and all community banks will facilitate this exchange.
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Notably, the exchange of the Old Leone for the New Leone will be conducted at no cost to the public, as per the directives of the BSL.
This announcement signals a significant shift in currency exchange procedures, impacting both commercial banks and the general populace. Stay tuned for further updates as these changes come into effect.
