The National Association of Foreign Exchange Bureaus of Liberia (NAFEBOL) has begun a vigorous review of the operations of Foreign Exchange bureaus aimed at creating a database and identification system for money exchangers nationwide.
Officers of NAFEBOL were installed January 30, 2020, with a mandate to improve existing operations of the Association, ensure best practice and in collaboration with the Central Bank of Liberia to ensure effective regulation and supervision of foreign exchange business in the country.
After series of meetings and consultations involving all stakeholders, NAFEBOL has started the process of identification of all Foreign exchange bureaus and Money Exchangers in Montserrado County, to be followed by Grand Bassa and Nimba Counties.
NAFEBOL President Nimely Sayeh has urged all its members and Bureaus to regularize their status with the Central Bank of Liberia and with the Association, as well as obtain the new identification cards.
The new ID Cards are now being issued by the Association and will end March 30, 2020. This will be followed by an inspection of all Foreign Exchange bureaus to ensure full compliance.
Foreign Exchange Bureaus are also urged to be in full compliance with the Ministry of Commerce and Industry to avoid any further embarrassments.
Meanwhile, NAFEBOL President Sayeh said plans have been concluded to organize and structure money exchangers at various street corners nationwide and encourage them to contact the Association office on Broad Street.