In the wake of the alarming increase in the US dollar value against the local currency, the Central Bank of Liberia (CBL) has commenced the removal and shutting down of illegal moneychangers from the streets of Monrovia and its environs.
The enforcement exercise, which was contained in a statement issued yesterday, said the Bank will use several measures to accomplish its aims, including confiscation of funds of violators.
“We observed with serious concern the re-emergence of illegal foreign exchange operators in the country, in violation of the Central Bank of Liberia Act of 1999, the New Financial Institutions Act of 1999 and the Regulation concerning the licensing and supervision of foreign exchange bureaus in Liberia,” the statement said.
The CBL is hereby directing all illegal foreign exchange operators to immediately desist from the foreign exchange business without the authorization of the Bank.
The Bank then advised the public not to do business with any foreign exchange operators who are not licensed by the CBL.