The article analyzes the exchange rate in Sierra Leone from 1980 to 2018. It uses a method to estimate the long-term exchange rate and finds that openness, government spending, and money supply affect the exchange rate. The study shows that the exchange rate was sometimes too high or too low compared to its long-term value. For example, it was overvalued by 3.69% from 1980-1985 and undervalued by 1.8% from 1986-1997. The researchers suggest that authorities should stabilize the exchange rate and control money growth to maintain price stability.