The Central Bank of Gambia (CBG) has lifted its restriction on foreign currency deposit.

The nation’s top bank said the restriction was put in place to “regularise conduct of foreign currency transactions and to prevent unethical behaviour of some market participants.

“Customers can now deposit and withdraw from their FCD accounts in the approved currencies. The Dalasi remains the country’s legal tender and that transactions should be quoted accordingly.”

“And that normal shipment of currency resumes with immcdiate effect subject to the usual clearance process,” CBG added.

The bank assured the public of its resolve to ensure smooth functioning of the foreign exchange market and safeguard the stability of the exchange rate of dalasi. 

It urged all banks and licensed dealers in foreign exchange to strictly abide by the foreign exchange regulations and guidelines.

Reporting by Adama Makasuba