IPNEWS: The National Association of Foreign Exchange Bureau of Liberia (NAFEBOL) is working with the Central Bank of Liberia and the Liberia National Police to remove unlicensed money changers from the streets and shut down illegal bureaux.

Besides the  crackdown on illegal money changers, the exercise also targets businesses and individuals posting exchange rates not in accordance with the Central Bank’s foreign exchange regulation, NAFEBOL said in a statement issued Sunday February 20, 2022.

“This is intended to enforce the regulations of foreign exchange activities in Liberia and maintain stability on the foreign exchange market, the group’s president Nimely Sayeh said.

“The operations of  fly-by-night money exchange businesses  found to be operating in violation of Central Bank’s regulations and  registration requirements, will be stopped.”

NAFEBOL is therefore encouraging its members to update status with the Central Bank to avoid embarrassment.

Section 19.0 of the CBL regulation (#CBL/RSD001/2019) stipulates “the Central of Liberia shall encourage foreign exchange bureaux to establish an association of licensed foreign exchange bureaux for the main purpose of ensuring good business practices and in collaboration with the CBL to ensure effective regulation and supervision of foreign exchange businesses in the country.”