Monrovia – The National Association of Foreign Exchange Bureau of Liberia (NAFEBOL) on Thursday, January 30, inducted its new codes of officials to stir the affair of the organization for the next four years.
NAFEBOL is an intermediary financial institution established in August 2000. The organization aims at helping the Central Bank of Liberia to regulate foreign exchange activities.
Speaking at the induction ceremony, which was held at the CBL auditorium on Ashman Street, the newly inducted NAFEBOL president Nimely Sayeh threatened to take action against any member caught in violation of the CBL Act of 1999.
“NAFEBOL under our administration will not relent to implement to the fullest Central Bank Act of 1999 in an effort to promote safe, and secure foreign exchange activities or take drastic action against people that will be caught in violation of the CBL Act,” Sayeh said.
According to NAFEBOL president, their engagement with the government over the years has helped them expand essential economic programs and currency exchange rate service to the general public.
He added that the organization remains committed to attaining a collective approach that will strengthen the hardship faced by the economy.
According to NAFEBOL President, there are 75 licensed bureaus and more than 75 unlicensed foreign exchange bureaus that are currently operating in Liberia.
This, he says, violates section 21.0 of the CBL Act, and called for full compliances of the Act.
Also making remarks on behalf of the CBL Governor J. Aloysius Tarlue, Deputy CBL Governor for Economic Policy Dr. Musa Duckly expressed delight for the conduct of the peaceful election held by NAFEBOL, and promised the CBL unflinching support to work along with them to help resolve the challenge facing the economy.
Dr. Duckly, who sworn into office the officers, said that CBL will remain engage with the leadership of NAFEBOL in promoting digitization of the economy, and the acceptability of mobile money for financial transaction.
“It’s a new beginning for you to deposit your money in the bank, and have attractive returns. The CBL has initiated this with its new monetary policy instrument that will allow the interest rate in the bank for the bank to compete for the deposit,” Dr. Duckly said.
According to him, the induction is also a new beginning for NAFEBOL new leadership that is expected to work and ensure that foreign exchange activities in the country is well structured, and organize.
“It’s our belief at CBL that this new leadership will go beyond Montserrado County, since the CBL data collection, foreign exchange rate is now nationwide,” he said.