Monrovia - The Central Bank of Liberia (CBL) and the National Association of Foreign Exchange Bureaux of Liberia (NAFEBOL) have agreed to collaborate to help control the arbitrary hiking of the exchange rate by illegal foreign exchange operators and businesses engaged in foreign exchange activities. The CBL and NAFEBOL also spoke of the need to bring sanity in the foreign exchange market and minimize speculation in the market. The CBL and NAFEBOL have also agreed to hold a meeting with all licensed foreign exchange operators in the country to ensure a wider collaboration with the entire membership of NAFEBOL and other licensed foreign exchange bureaus. The meeting between the Central Bank of Liberia and the National Association of Foreign Exchange Bureaux comes amidst concerns over the arbitrary hiking of the exchange rate by illegal foreign exchange operators and businesses engaged in foreign exchange activities. Concerns have also been expressed over the act of arbitrage and profiteering by some businesses as well as the proliferation of illegal foreign exchange operators in the streets which undermines the operations of legitimate and licensed foreign exchange operators.

Source: Front Page Africa April 09, 2018 00:45 UTC