NAFEBOL Seeks LNP Collaboration

National Association of Foreign Exchange Bureaus of Liberia (NAFEBOL)

The National Association of Foreign Exchange Bureaus of Liberia (NAFEBOL) has sought the collaboration of the Liberia National Police (LNP) to prevent illegal foreign exchange across the country.

   According to the President of NAFEBOL, Nimely Sayeh, illegal operators are posing serious threat to the economy of Liberia.

   President Sayeh made the assertion Monday at the LNP headquarters on Capitol Hill when members of the bureau’s taskforce created awareness about the impact of illegal exchange rate, which adds to the high cost of living in the nation.

   He noted that higher rates of exchange between the Liberian dollar and the US dollar have major impact on the prices of basic commodities on the Liberian market.

   According to him, the association wants the LNP to collaborate to fish out illegal money changers in order to stabilize the exchange rate in Liberia.

   President Sayeh alleged that illegal foreign exchangers sometimes help to facilitate money laundering, at the expense of the economy. 

   He maintained that the backing of the LNP will go a long way in stopping illegal foreign exchanges at gas stations, Fula shops, market tables, among others.

   He pointed out that illegal money exchange is a serious economic crime against state, and the fight against it should not be taken for granted.

   President Sayeh disclosed that the leadership of the association is now holding talks with senior police officers to enforce the arrest of illegal money changers around the nation.

   He explained that NAFEBOL is a legal association responsible for the exchange of foreign currencies in Liberia. He added that the Central Bank of Liberia (CBL) has given the authority to NAFEBOL to ensure the foreign exchange of money is regulated.

   President Sayeh emphasized that the collaboration of the LNP to weed out unauthorized individuals or group of individuals will help transform the economic status of citizens of the country.

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