In a press release, the CBL said a Joint Task Force, comprising the CBL, stakeholder government agencies, the National Association of Foreign Exchange Bureaux (NAFEBOL) and law enforcement officers will begin a rigorous campaign in May 2018 aimed at weeding out illegal foreign exchange operators. The Bank is advising all illegal money exchangers and other businesses concerned to take the necessary steps by having their businesses duly registered and licensed by the CBL to deal in foreign exchange business in order to avoid embarrassment. CBL said the Bank is working with NAFEBOL to bring together smaller “money exchangers” under a more structured arrangement that would allow them to formalize their operations in keeping with the requirements of the CBL and the Government’s Pro-Poor Agenda. The move by Central Bank of Liberia (CBL) comes amidst concerns over the continued arbitrary hiking of the exchange rate by illegal money exchangers and some businesses despite repeated warnings by the CBL cautioning those involved to desist. The action by these unlicensed money exchangers, the Bank noted, is in direct violation of regulations governing the Foreign Exchange transactions in the country, the new Financial Institutions Act of 1999 and the CBL Act.

Source: Daily Observer April 16, 2018 14:15 UTC