Saturday, May 27

Central Bank to declare trading in parallel market illegal

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The Central Bank of The Gambia said here Thursday that with effect from Friday, 12 May, 2023, trading in the parallel market will no longer be tolerated in the country because it is an illegal activity.

A statement made available on Thursday stated that accordingly, all operators must register and obtain a license from the Central Bank of The Gambia, or risk facing the full force of the law.

“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.

“The Central Bank wishes to assure the public of its resolve to ensure an orderly foreign exchange market,” the statement said.