Online Forex trading in Sierra Leone is legal and regulated by the Bank of Sierra Leone under the Bank of Sierra Leone Act 2019. The BSL formulates and executes exchange rate policy and may issue guidelines for regulating the purchase, sale, holding or transfer of foreign exchange. Foreign individuals and companies are permitted to establish bank accounts, with the exchange rate determined by market forces where the Minister does not declare the external value of the Leone (1).
In August 2019, the government mandated exclusive use of the Leone for all contracts and payments, prohibited holding more than $10,000 in foreign currency, and required travelers to declare foreign currencies exceeding this amount. However, in late 2020, the central bank lifted restrictions on foreign currency holdings due to acute shortage of domestic currency. The Investment Promotion Act of 2004 guarantees foreign investors the right to repatriate earnings and proceeds from asset sales through the banking system (2).
"The Bank of Sierra Leone serves as the main authority for implementing exchange control laws and regulations. It possesses the power to carry out inspections, demand information, impose fines, and take corrective measures against entities that do not comply."
Sierra Leone's banking sector consists of 14 commercial banks and 79 foreign exchange bureaus monitored by the BSL. Forex brokers operating in the country must obtain licenses from the BSL, which conducts rigorous scrutiny of financial stability, operational procedures, and anti-money laundering compliance. Non-compliance with exchange control directives can result in fines up to 100 million Leones or three years imprisonment, while traveling with foreign currency exceeding $10,000 results in forfeiture of the excess amount (1).
Source:
https://wts.com/global/publishing-article/20250407-sierra-leone-exchange-control-insights~publishing-article
https://www.trade.gov/country-commercial-guides/sierra-leone-trade-financing
Last updated: 15-10-2025 Disclaimer: This article does not provide legal advice. If you need legal advice, please contact an attorney directly.
