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Tuesday, May 21, 2024
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CBG orders black market currency dealers to register or quit

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The Central Bank of The Gambia has issued a stern warning that anyone trading foreign currency in the so-called parallel market (blackmarket) would have to register and get a license or hunted down by the law.

The statement from the country’s apex bank issued yesterday reads: “The Central Bank of The Gambia hereby informs the general public that trading in foreign currency is a financial transaction and requires a license. Given the presence of illegal foreign currency traders in the country, including those in the streets and operators of illegal remittance platforms, the public is hereby advised to desist from dealing with such illegal currency traders. Such activities are often conducted under the guise of a parallel market. With effect from Friday, May 12, 2023, trading in the parallel market will no longer be tolerated in this country, as it is an illegal activity. Accordingly, all operators are urged to register and obtain license from the Central Bank of The Gambia, or risk facing the full force of the law. The Central Bank wishes to assure the public of its resolve to ensure an orderly foreign exchange market”.

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