• January 10, 2024

Exchange of old notes is a must – Governor, BSL

Exchange of old notes is a must  – Governor, BSL
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The Governor of the Bank of Sierra Leone has said in Freetown that the exchange of the old notes to the new Leone is a must.

He said there should be no precondition by commercial banks and other financial service providers for the exchange of the old notes to the new Leones.

Dr Ibrahim L. Stevens last Wednesday 3 January 2024 made the disclosure whiles addressing journalists during a news conference hosted in the conference hall of the Central Bank, Gloucester Street Freetown.

The Bank Governor informed that from 1 March 2023 everybody with the old notes has the opportunity to go to any commercial bank and other financial institutions across the country or at the Bank of Sierra Leone and exchange their old currencies at a zero cost, without restrictions. He encouraged commercial banks not to put any precondition o customers to open account with them before they can exchange their old notes/Leones.

The added that the transition period for the exchange of the old notes ends on 31 March 2024.

Dr Stevens reiterated from April 1 this year going forward people will still have the opportunity to exchange their old notes to the new Leones at the Bank of Sierra Leone and Apex banks across the country. he informed that Apex Banks are agents of the Central Bank of Sierra Leone.

Governor Stevens among other issues reassured all that there is enough money to complete the transition from the old notes to the new Leones, and disclosed that the old notes ceased to be legal tenders on the 31 of December 2023.

After 31 March, he continued, effectively 1 April the old notes can be only exchanged at the Bank of Sierra Leone or any of the Apex Banks and at the Post Office.

In order to cater for the people upcountry he disclosed that they asked each of the Chiefs in the Chiefdoms to provide four people they will work with to help in their sensitization drive.

He therefore encouraged customers who are still with the old notes not panic, as they can exchange them at any commercial bank or financial institutions at zero cost, reiterating that there should be no pre-condition for those who want to exchange their old notes for new ones.

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