CBG: No ban on CFA Franc

The Central Bank of The Gambia (CBG), has asserted that it has no intention of imposing a ban on trading in CFA, neither any other foreign currency in the inter-bank market, contrary to reports published in one of the local papers.

In a one-page rejoinder copied to the Daily Observer, the CBG dismissed the article as factually incorrect, as it had not issued any notice to the foreign exchange bureaux.
"As the custodian of the domestic currency, the Central Bank wishes to reiterate that it would continue to uphold the market determined exchange rate regime and promote and maintain the stability of the Dalasi."

The Central Bank then advised the local press to exercise responsible journalism, noting that "inflammatory and unsubstantiated statements such as that statement made in your article undermine the smooth functioning of the foreign exchange market".

As a result, the Central Bank used the opportunity to note that the Dalasi is the legal tender and medium of exchange for transactions of goods and services in the Gambian economy.