Regulatory Alerts2024-01-01
Bank of Sierra Leone (Amendment) Act 2024
The President and Parliament of Sierra Leone enacted this amendment to formally designate the Leone as the official currency for accounting, financial reporting, and transaction pricing. The legislation mandates new currency prefixes of 'NLe.' for banknotes and 'c.' for coins, while preserving the historical 'Le.' and 'c' designations for legacy transactions valid between 1964 and 2023. Violations of these provisions constitute criminal offences punishable by fines of at least NLe. 150,000, imprisonment for a minimum of three years, or both.
No. 3 The Bank of Sierra Leone (Amendment) Act 2024
(3) The Leone shall be the currency for official purposes in Sierra Leone, including accounting and financial reporting.
(4) The Leone shall be issued in banknotes and coins and shall be prefixed by the sign 'NLe.' and 'c.' respectively:
Provided that, the prefix 'Le.' and 'c' shall be used when citing or making references to financial transactions conducted using the old Leones, which currency that was legal tender from the 4th August, 1964 and ceased to be legal tender effective 31st December, 2023.
(5) A person who contravenes this Act or statutory instrument made thereunder commits an offence and is liable on conviction, to a fine not less than NLe. 150, 000 or to imprisonment for a term of not less than 3 years or to both such fine and imprisonment."
Passed in Parliament this 15th day of November in the year of our Lord two thousand and Twenty Four.
PARAN UMAR TARAWALLY, Clerk of Parliament.
This PRINTED IMPRESSION has been carefully compared by me with the Bill which has passed Parliament and found by me to be a true and correct printed copy of the said Bill.
PARAN UMAR TARAWALLY, Clerk of Parliament.
PRINTED AND PUBLISHED BY THE GOVERNMENT PRINTING DEPARTMENT, SIERRA LEONE. GAZETTE NO. 19 OF 13TH MARCH, 2025.
ACT Supplement to the Sierra Leone Gazette Vol. CLXVI, No 19 dated 13th March, 2025
SIGNED this 10th day of March, 2025
DR. JULIUS MAADA BIO, President.
(LS)
No. 3 2025
Sierra Leone
THE BANK OF SIERRA LEONE (AMENDMENT) ACT, 2024 Short title.
Being an Act to amend the Bank of Sierra Leone Act, 2019 and to provide for other related matters.
[ ] Date of commencement.
ENACTED by the President and Members of Parliament in this present Parliament assembled.
PART I – PRELIMINARY
- Section 26 of the Bank of Sierra Leone Act, 2019 is Amendment amended by repealing and replacing that section with the following of section 26 new section - of Act No. 5 of
"Currency of 26. (1) The currency of Sierra Leone shall continue Sierra Leone. to be the Leone.
(2) Prices for transactions in Sierra Leone shall be indicated in Leones.