The Bank adds that 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.
Full text of the Bank’s release reads below:
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.
