--Says the Bank Favors Foreigners
National Foreign Exchange Bureau of Liberia, NAFEBOL’s President, Nimely Sayeh, has accused the Bank’s Supervision Department’s head, Foncia Donzo, of giving 'preferential treatment to foreign money exchangers over Liberians in the same business.
Mr. Sayeh said the NAFEBOL’s leadership has on numerous occasions engaged the CBL on the matter, but yet the discrimination against Liberians in the money exchange business continue to be treated with unfairness despite the consistent appeals to change course.
“The situation has become a matter of serious concern”, he told this Paper in an exclusive interview.
Mr. Sayeh specifically accused Froncia Donzo, the CBL’s head of Supervision Department.
Sayeh observed that Donzo’s actions and posture undermines the authority, relevance, and effectiveness of NAFEBOL.
He said NAFEBOL was established to serve as a unified body representing the interest of licensed foreign exchange bureaus across Liberia, to ensure compliance, coordination, and constructive engagement with regulatory authorities, specifically the CBL.
Sayeh called on the CBL to provide what he calls clear policies.
He noted that the alleged action of the CBL suggests a pattern that weakens the resolve of the Association's role and rendering it a “toothless” bulldog.
“The absence of clear policies makes it difficult in promoting Liberians participation in the foreign exchange business in the country,” Sayeh further noted.
He said there is no transparency and control in the issuance of licenses.
The NAFEBOL’s Chief Executive also expressed concern over what he says is the growing non-compliance within the sector, particularly the alleged failure of some money exchange bureaus to pay annual levy fees, an act he said is contributing to revenue losses.
“These challenges are being exacerbated by the current supervisory approach, which appears to weaken enforcement and coordination within the sector,” he said.
Sayeh has expressed fear that if these issues are not urgently addressed, it may be further weaken regulatory compliance and create fragmentation within the foreign exchange sector of the country, adding that it may also undermine confidence in Liberia's financial system.
“In light of the above, NAFEBOL wants the leadership of the Central Bank of Liberia (CBL) to take immediate corrective actions by recognizing and strengthening the role of NAFEBOL as a key stakeholder in the sector,” Sayeh also indicated.
He further called on CBL to ensure transparency, fairness, and accountability in licensing and regulating decisions-making.
The NAFEBOL’s President also called on the CBL to Promote policies that would support and protect Liberians’ participation in the foreign exchange business by enforcing compliance measures.
Mr. Sayeh said NAFEBOL remains committed to working in partnership with the Central Bank of Liberia to promote a stable, transparent, and well-regulated foreign exchange market that benefits the Liberian economy.
CBL's Director of Communications, Cllr. Alphonso Zeon’s mobile phone was consistently switched off in our attempt to get the Bank’s side of the story.
When he eventually responded, Cllr. Zeon promised to have given the Bank’s side of the story, but did not up to press time.
