Will It Clock NLe3,000 By June?

By Edwina Sia Janga

There is not a single day that passes that the dollar does not rise against the Leone, and the natural effect of this increase is that all food stuffs and commodities will increase exponentially. This is going to affect businesses, as well as consumers. Today, the dollar is NLe2,250, but will it reach NLe3,000 by June 2023?

Many Sierra Leoneans were expecting that with the new Minister of Finance appointed by the President, and the replacement of the Bank Governor, who many have blamed for the erratic rise of the dollar and the corresponding depreciation of the Leone, with his deputy, the situation may stabilize. Unfortunately, the worse is happening, and there does not seem to be any solution in sight.

Many traders say that whilst they are feeling the pinch of the constant change in rate of the dollar, at the final analysis, the consumer feels the effect, as they will eventually transfer the cost of the goods, and taxes paid, to the consumer. This, social commentators say, will enhance the hardship in the country, especially as the salaries of workers remain the same.

More on the story in subsequent editions.