Sierra Leone’s President Julius Maada Bio is seen at the ECOWAS Authority of Heads of State and Government 54th Ordinary Session in Abuja, Nigeria December 22, 2018 [File: Afolabi Sotunde/Reuters]
In Sierra Leone, the country’s central bank said it was introducing a new currency that would replace its old notes.
The country’s financial transactions have been suspended to prepare for the re-calibration of its leone currency, the governor of the central bank said.
The new notes will be officially introduced by President Julius Maada Bio at a ceremony in Freetown later on Friday.
The new notes will make it easier for people to carry out transactions and use cash, the authorities said. It also comes amid efforts to strengthen the country’s struggling leone.
Ibrahim Mattia, a student at a university in Sierra Leone, said the new notes were a psychological boost for the country.
Critics, including the All People’s Congress party, said the new notes were not very useful and confusing.
“We are still uncertain about the new notes,” said Mohamed Koroma, a middle-aged civil servant. “We will wait to see how this affects the country’s economy.”
The denominations of Sierra Leone’s bank notes are currently 1,000, 2,000, 5,000 and 10,0000 leone.
SOURCE: REUTERS
