About a week ago, the Governor of the Central Bank of Sierra Leone Prof. Kaifala Kallon, issued out a notice announcing plans to Redenominate the country’s legal tender, the Leone by the removal of the three last zeros from the face value of the currency.
Sierra Leone: the impact of Currency redenomination
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Michael Duff/AP
Mohamed Ibrahim Justice Ganawah who is a lecturer at the Department of Economics and Commerce Fourah Bay College, University of Sierra Leone says "In terms of nominal value; in a sense when you say nominal value in Economics , you are saying that the value of a country's currency in terms of its face value is going to be reduced but the real time value of it is going to be the same."
Eric kawa , Africanews correspondent
''This is Siaka Stevens Street in Freetown Sierra Leone, part of Central Business District. It is a very famous place for business. Today We are here to get the views from people on what they think on the currency denomination''
Isatu Kamara- Trader
"I don't think it's a bad thing. It's a gain and loss issue. If anything has to be successful, there might be some little challenges and there would be profit at the end."
Fatmata Bangura- Trader
"Government should have addressed the price control and reduce taxes for business people.
They shouldn't just take decision to change the currency like that. It would create a loss. A big loss!"
With the mixed reactions, Sierra Leoneans are looking forward to a booming economy.