Hi jagmagana,
https://stridacanada.ca/product/strida-handle-bar-release-lever-bolt-nylon-spacer-and-axle/
it seems recommendable to change at this chance also the small black plastic part below the lever.
If you plan to use a non-Strida M5 x 45 mm Allen bolt please do not forget to apply a little drop of (Loctite) thread locking compound at the bolt’s end 
Best regards,
Chris