Central Bank Warns Public: Avoid Unauthorised Foreign Exchange Transactions
The Central Bank is warning that buying, selling, borrowing or lending foreign exchange without the required authorisation of the Central Bank is against the law under Section 6(1) of the Exchange Control Act.
This concern arises as the Bank has expressed that they are seeing an increasing number of advertisements on social media platforms offering foreign exchange to the public.
Members of the public who conduct business with unauthorised people do so, they say, at their own risk, including the risk of non-recovery in the event of financial loss, fraud and/or disputes.
The public is being strongly cautioned to conduct such transactions through authorised dealers. The institutions licensed as authorised dealers include Ansa Bank, Citibank, First Citizens Bank and the others.
The Central Bank also says that authorised bureaux de change operators include Global Exchange and others.
