Sierra Leone News: Consumers Urge Central Bank to Release Coins

By Hasbin Shaw

Consumers across the country have called on the Governor, Bank of Sierra Leone, Professor Kelfala Morana Kallon to ensure that commercials banks release the Le100 and Le50 coins, which are legal tenders, in circulation.

For about three years now, these coins have been in short supply across the country.

Alfred Bangura, a consumer, told Premier News that the scarcity of the Le100 and Le50 coins has place buyers in a disadvantage position. He said the goods like rice which is sold for Le1,300 or Le1,600 per cup, will be paid for at a cost of Le1,500 or Le2000, respectively, because when the buyers pay for the rice at the stated cost, the sellers will tell that there are no Le100 change.

Bangura said that when transport fare was at Le1,300 per destination in western area, commuters were denied by drivers their Le200 change because the Le100 and Le50 coinages are not available.
Joseph Lansana, a concerned citizen, said that government spent a lot of money to produce these coins, and therefore must ensure their circulation because they are still useful. He noted that the scarcity of the coins has prompted businesses to reject them as medium of exchange. He maintained that the coins are rejected because the currency’s dwindling value. “Notwithstanding that, the coins are still useful and must be in circulation,” Lansana said.

He called the Governor of Bank of Sierra Leone Professor Morana Kallon to ensure the circulation of the coins in the market.

The head of communication at the Bank of Sierra Leone, Beresford Taylor said the Le100 and Le50 coins are still legal tender and must be accepted as a medium of exchange. He said that it is a crime for a person to reject these coins.
The Bank of Sierra Leone said in a statement recently that, the Le50, Le100 and Le500 coins are legal tender and could be used in the settlement of a financial claim, and are available in all commercial banks and at the central bank.

“Any member of the public who wishes to exchange other Sierra Leone currency denomination for these coins can do so at the counters of all commercial bank and at the Bank of Sierra Leone.