By Morlai Sesay
The Governor of the Central Bank of Sierra Leone, Dr. Ibrahim Stevens, has assured the public that exchanging old currency for new currency is free to customers, affirming that the old notes are no longer legal tenders in Sierra Leone.
The bank governor made the above proclamation while addressing journalists at the Central Bank conference room on Gloucester Street in Freetown. Stevens further disclosed that since they announced sometime in November that the concurrent use of the old and new Leone would end on the 31st of December 2023, following that from the 1st of January 2024 on till the 31st of March 2024, everybody has the opportunity to go to any commercial bank, community bank, other financial institutions or the Bank of Sierra Leone to exchange their old currency from the new currency at zero cost hence, there is no cost involved and that there are no restrictions and nobody should say otherwise.
Governor Stevens pointed out that commercial banks are not allowed to put preconditions on one to open an account before exchanging their money. He disclosed that from the 1st of April, people could still exchange the old currency for the new currency by going to the Bank of Sierra or appointed agents of the Bank. Governor Stevens states that the principal agent for the central bank is the APEX bank, as, according to him, APEX bank coordinates a large portfolio of community banks, adding that they are working on the arrangement for that. He said after the 31st of March, the 1st of April, people would have access to the Bank of Sierra Leone, their outlet at the Post Office, and APEX bank, which is their main agent for this activity. He explained that for citizens to be more knowledgeable on the transition from the old Leone to the new Leone, they have been meeting with the Council of Paramount Chiefs where they have agreed to provide mobile changing facilities through the APEX bank in far remote areas, working very closely with Paramount Chiefs.
He said that leading up to the 31st of December, they organized a large sensitization program at the chiefdom level. Dr. Stevens stated that in every Chiefdom in the country, the PC nominates four people who are provided honorarium to conduct effective sensitization in their Chiefdom. According to him, they are also using the members of Parliament to talk to their constituents, stating that they intend to continue using the local structures in the chiefdoms to reach as many people as possible. He said they intend to ensure this exchange is seamless and uncomplicated, and everybody can do it.
He assured citizens that nobody would lose anything, adding that people were assured of their value, urging people to bring their monies to the banks; whatever little it was, they would give you the equivalent value of the new currency. “Our job is to provide that financial security, and we will lead by that commitment, and I will want to reassure the public that we would continue to do everything we can,” he assured, adding that people don’t need to offer their old currency at a discount to get the new one. He furthered that people can have their new currency at no cost at the abovementioned outlets. He maintained that the mobile units are currently in Freetown and will work with the chiefs outside the provincial headquarters.
On his part, the Minister of Information and Civic Education Chernor Bah also, among other things, called on people to access commercial banks to exchange their money.
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