By Jariatu S. Bangura
Members of Parliament have enacted an amendment to Section 26 of the Bank of Sierra Leone Act of 2019, aligning the legal framework with the redenomination of the country’s currency. The amendment ensures that the Leone remains Sierra Leone’s official currency, now denoted with the prefix NLe (New Leone) and C (cent).
Presenting the amendment to Parliament, Finance Minister Sheku F. Bangura explained that the revision aims to eliminate inconsistencies and confusion regarding transactions conducted before and after the redenomination of the Leone.
The prefixes Le and C will only apply to financial transactions conducted using the old Leone, which served as the country’s legal tender from August 4, 1984, until December 31, 2023, when it was officially phased out.
The amendment introduces penalties for individuals who fail to comply with the provisions. Offenders will face a fine of NLe150,000 or imprisonment for a minimum of three years.
This legislative update provides clarity for businesses, financial institutions, and citizens, ensuring seamless reference to transactions in the old and new currencies as the country fully transitions to the New Leone.
Parliament commended the amendment for addressing key challenges in the redenomination process and facilitating a smoother financial system for Sierra Leone.
