MONROVIA, Liberia — As Liberia grapples with a volatile exchange rate and concerns over illicit financial activities, the re-elected President of the National Association of Foreign Exchange Bureau of Liberia (NAFEBOL), Nimely Sayeh, has renewed calls for a united effort to combat money laundering, terrorist financing, and unregulated currency trading.
Sayeh, who is assuming his second term at the helm of the organization, made the remarks during his induction ceremony on Friday in Monrovia. His leadership comes at a pivotal time, as the government of President Joseph Boakai marks one year in office and the newly appointed Governor of the Central Bank of Liberia (CBL), Henry Saamoi, awaits confirmation by the Liberian Senate.
Addressing journalists after the ceremony, Sayeh stressed the need for stronger collaboration between NAFEBOL, the Central Bank, and other financial institutions to curb illicit financial activities and restore discipline in the foreign exchange market.
“We need to work collectively to ensure the stability of our financial system,” Sayeh said. “A well-regulated foreign exchange market will not only help combat money laundering and terrorist financing but also create a more predictable and sustainable economic environment.”
NAFEBOL, which oversees more than 50,000 registered foreign exchange operators across Liberia, plays a crucial role in monitoring currency transactions and ensuring compliance with financial regulations. However, the sharp depreciation of the Liberian dollar against the US dollar has raised urgent concerns about exchange rate volatility. The Central Bank of Liberia’s most recent exchange rate stands at 194 Liberian dollars to 1 US dollar, a trend that continues to impact businesses and consumers alike.
Sayeh pointed to weak enforcement of financial regulations as a key factor contributing to the instability of the exchange rate. He emphasized the importance of strengthening oversight mechanisms and ensuring that all foreign exchange operators are properly registered under NAFEBOL’s jurisdiction.
“The rate is skyrocketing because of a lack of regulation,” Sayeh stated. “We expect our new leadership to work closely with the Central Bank to address these challenges.”
One of NAFEBOL’s immediate priorities, Sayeh outlined, is tackling the widespread issue of informal currency trading. He expressed concern over the practice of businesses and individuals setting their own exchange rates, which he says exacerbates market instability.
“If you look around today, rice sellers, coal sellers, gas sellers—everyone is displaying their own rate, and that is wrong,” Sayeh remarked. “We will work vigorously with the Central Bank to put an end to this and bring order to the market.”
Joining Sayeh in leading NAFEBOL for the next four years are Nelson N. Curry as Vice President, Robert W. Seton as General Secretary, and Othello Duo as Financial Secretary. Together, the newly inducted team will oversee the organization’s efforts to ensure compliance, stability, and transparency within Liberia’s foreign exchange sector.
As the government enters its second year and the Central Bank prepares for new leadership under Henry Saamoi, stakeholders will be watching closely to see how financial authorities and institutions like NAFEBOL collaborate to address these pressing economic issues. Sayeh and his team have signaled their commitment to ensuring a more structured and accountable foreign exchange system—one that aligns with national and international best practices.
With regulatory reforms on the horizon and new leadership at key financial institutions, the coming months will be critical in determining whether Liberia can regain control over its exchange rate and curb the flow of illicit financial transactions.
Joseph Daniels reports for OK FM Liberia as Executive Mansion Correspondent. With a vested interest in making the voices of people from different walks of life heard, he has covered investigative stories relating to education, health, the environment, corruption, and violence against women and girls, among others. He graduated from the United Methodist University with a Bachelor of Art Degree in Mass Communications in 2020. Joseph is also a fellow at New Narratives, a non-profit organization helping media deliver independent, truthful information to its people so they can make informed decisions.
