By Joseph Tumbey; josephtumbey@gmail.com; (+231)777941209
IPNEWS-Monrovia: Recently the Liberia National Association of Foreign Exchange Bureaus (NAFEBOL) requested the Legislature to pass into law the Anti-Money Laundering Bill, which was submitted by President Weah earlier this year to combat money laundry. But as NAFEBOL awaits the passage of the bill, the president of the Association Mr. Nimbly Sayeh has called on the Liberia National Police and the Ministry of Justice to arrest a Man identified as only as P-40 for reportedly bloating the foreign exchange rate.
Mr. Sayeh said while NAFEBOL is fighting to regulate and stabilize the foreign exchange rate in the country, P-40, who is a sidewalk money exchanger and whose financial source is unknown, constantly inflates the rate which undermines the National security operations and causes increase in the price of commodities in the country.
“P-40 rate which is always 40-50 dollars above regular rate is posting high price on commodities around the region” Sayeh emphasized.
According to him, while individuals are devaluing the local currency intentionally, NAFEBOL has established a task force unit to monitor various rate across the country.
Speaking to journalists at the Ministry of Information Culture Affairs and Tourism on Thursday July 9, 2021 in Monrovia, he stated according to the laws of Liberia, individuals who are found violating the exchange rate law are to be fined L$20,000 or an equivalent of US$117.60.
He disclosed several violators were fined during former president Ellen Johnson regime unlike the current administration of President George Weah where violators go unpublished.
He however stated that, his administration will remain vigorous with the support from the central government to provide adequate environment in making sure the foreign exchange rate remains stable in other to build a better society.
