My day one experience with Sierra Leone’s new currency

By Agence de Presse Africaine Last updated Jul 7, 2022

Freetown-“ How much for two batteries? Today is my first experience with Sierra Leone’ s redenominated Leone, the local currency since its adoption on July 1, 2022 because I arrived in Freetown yesterday after being out of the country for almost two months. Sierra Leone has redenominated the Leone by removing the three last zeros of the face value of Le1, 000, Le2,…

Freetown-(Sierra Leone) “How much for two batteries?” I asked a street trader at Lumley junction where I was trying to buy batteries this morning for my voice recorder. “20,000 Leones Sir”, she answered. I jokingly asked her, “do I look like someone who is carrying 20,000 Leones?” She smiled and corrected herself and said “20 Leones Sir”.

Today is my first experience with Sierra Leone’s redenominated Leone, the local currency since its adoption on July 1, 2022 because I arrived in Freetown yesterday after being out of the country for almost two months.Sierra Leone has redenominated the Leone by removing the three last zeros of the face value of Le1,000, Le2,000, Le5,000 and Le10,000 banknotes and print a Le20 bill. The monetary reform is adopted at a time when the Leone has lost many qualities of money, including security and portability largely due to its dramatic depreciation in value over the years, especially against the US Dollar.

Unlike the street trader, the Kekeh (tricycle taxi) rider who took me from bar junction to Lumley quoted his service in the new Leone. “4 Leones” the Kekeh rider answered when I asked him “how much”. This suggest that young people might face less challenges in applying the new Leone compared to older people. Moreover, men might be quicker to adopt the new currency compared to women.

However, many workers at public institutions, especially ministries, departments, agencies, commissions and public enterprises will this month receive their salaries very late following the introduction of the new Leone. Commercial banks have rejected all payments not in the new Leones.

Moreover, in the next six months, many Sierra Leoneans might find it difficult to transact quickly with the new currency, something that could slow economic activities. People might spend more time in determining the prices of goods and services.

Therefore, the country will have to start a massive public education campaign on the new Leone. During last week’s launching of the new currency, President Julius Maada Bio emphasized on the need for public education. We will have to share our experience with the new Leone, both in social and mainstream media. Our stories might help educate the public.

The Kekeh rider told me that the restaurant where he usually have lunch refused yesterday to accept his new Leone. He said they told him that they could not tell whether his notes were authentic or fake.

ABJ/APA