GoldenNewsNG
  • Home
  • News
  • Education
  • Business
  • Jobs
  • Daily Guides
  • About Us
  • Advertise with Us
  • Home
  • News
  • Education
  • Business
  • Jobs
  • Daily Guides
  • About Us
  • Advertise with Us
No Result
View All Result
Golden News
No Result
View All Result

Minister of Finance Bans Illegal Black Market Currency Trading

Enudi Golden by Enudi Golden
January 11, 2024
in Featured, News
Reading Time: 2 mins read
Top 10 Nigerian Newspaper Headlines For Today, Wednesday, 2nd October 2024
254
SHARES
Advertisements

Minister of Finance Bans Illegal Black Market Currency Trading

Malawi Government Bans Illegal Black Market Currency Trading

The Minister of Finance and Economic Affairs in Malawi, Simplex Chithyolo, has announced a ban on all illegal trading of foreign currency, commonly known as the black market. This move is part of the government’s efforts to protect citizens from exploitation and ensure proper regulation of foreign exchange transactions.

Key Points:

  • Ban Announcement: The ban on illegal trading of foreign currency was announced by Minister Simplex Chithyolo during a press briefing held in Lilongwe.
  • Enforcement Measures: Chithyolo emphasized that individuals involved in illegal currency trading would face legal consequences, including arrest. The government aims to crack down on unauthorized foreign exchange transactions.
  • Limitations on Companies: Companies selling foreign currency were instructed not to sell more than $2,000 to an individual. Any amount beyond this limit should be facilitated through electronic means, such as cards.
  • Verification for Imports: Individuals purchasing goods from abroad are required to provide proof of the source of funds used for such transactions. This measure is aimed at ensuring transparency and preventing illicit financial activities.
  • Bank Oversight: The Reserve Bank will conduct inspections to ensure that commercial banks adhere to the regulations governing the sale of foreign currencies. This oversight aims to enforce compliance with established rules.
  • Bank Account Requirement: Chithyolo stated that individuals engaged in business transactions exceeding 5 million kwacha must have a bank account. This is seen as a measure to enhance financial transparency and accountability.

Implications:

  • Combatting Illicit Activities: The government’s decision to ban illegal black market currency trading is a significant step in curbing illicit financial activities and maintaining control over the foreign exchange market.
  • Financial Regulation: The enforcement of limits on the sale of foreign currency by companies and the requirement for individuals to have bank accounts for substantial transactions contribute to financial regulation.
  • Transparent Trade Practices: Requiring proof of the source of funds for importing goods enhances transparency in trade practices and helps prevent money laundering and other financial crimes.

Conclusion:

Malawi’s government’s proactive measures to regulate and control foreign currency trading underscore its commitment to ensuring financial integrity and protecting citizens from potential exploitation. The effectiveness of these measures will depend on their enforcement and the collaboration of relevant authorities.

READ ALSO

FG Orders Banks to Flag Accounts with Monthly Transactions Over ₦5 Million

JAMB Awards ₦710 Million to Six Tertiary Institutions for Outstanding Admission Practices

📢 JOIN OUR WHATSAPP GROUP 📢 JOIN OUR TELEGRAM CHANNEL
Previous Post

FG Teams Up With UNDP Nigeria To Hire 3000 3MTT Fellows On Paid Internship (See Link to Apply) 

Next Post

Call For Applications: KIC AgriTech Challenge Pro ( up to $50,000 in seed funding)

Related Posts

FG Orders Banks to Flag Accounts with Monthly Transactions Over ₦5 Million

FG Orders Banks to Flag Accounts with Monthly Transactions Over ₦5 Million

Federal Government has ordered all Nigerian banks to Flag Accounts with Monthly Transactions Over ₦5 million GoldenNewsNg reports that Nigerian...

Read moreDetails

JAMB Awards ₦710 Million to Six Tertiary Institutions for Outstanding Admission Practices

JAMB Awards ₦710 Million to Six Tertiary Institutions for Outstanding Admission Practices

JAMB has Awarded ₦710 Million to Six Tertiary Institutions for Outstanding Admission Practices GoldenNewsNg reports that the Joint Admissions and...

Read moreDetails

YEIDEP Disbursement News Today July 8th 2025

YEIDEP Disbursement News Today July 8th 2025

This is the latest YEIDEP Disbursement News Today, July 8th, 2025 The Federal Ministry of Youth Development (FMYD) has released...

Read moreDetails

Top 15 Most Expensive Hotels in Nigeria and their Location (2025 Updated Guide)

most expensive hotels in Nigeria,

Nigeria’s hospitality industry has witnessed remarkable growth in recent years, with a surge in modern hotel infrastructure and global-standard service...

Read moreDetails

Petrol Prices Drop Below N900

Petrol Prices Drop Below N900

Petrol Prices Drop Below ₦900 as Dangote Refinery Cuts Ex-Depot Rates   GoldenNewsNg reports that petrol pump prices across Nigeria...

Read moreDetails

Senate Speaks on Natasha’s Return to Office 

Senate Speaks on Natasha Return to Office 

The Senate has reacted to Natasha's Return to Office following Court Judgment on her unlawful suspension   GoldenNewsNg reports that...

Read moreDetails

Dollar to Naira Black Market Exchange Rate today 7th July 2025 – AbokiFX

Dollar to Naira

Dollar to Naira Black Market Exchange Rate today, 7th July 2025, can be accessed below. GoldenNewsNg has obtained the official naira...

Read moreDetails

Peter Obi Speaks On Running With Atiku for 2027 Election [Video]

Peter Obi Speaks On Running With Atiku for 2027 Election

Peter Obi has responded to reports circulating that he will be Atiku Abubakar’s running mate in the 2027 presidential election....

Read moreDetails

SUG Leaders tasked to join fight against Sexual, Gender Based Violence in Higher Institutions across Niger state

  ... Want bill on sexual harassment passed into law Group photograph As part of efforts to end Sexual and...

Read moreDetails

Nigerian Banks Resume International Transactions on Naira Debit Cards

Nigerian Banks Resume International Transactions on Naira Debit Cards

Nigerian Banks Resume International Transactions on Naira Debit Cards as FX Liquidity Improves GoldenNewsNg reports that after nearly three years...

Read moreDetails
Load More
Next Post
Call For Applications: KIC AgriTech Challenge Pro ( up to $50,000 in seed funding)

Call For Applications: KIC AgriTech Challenge Pro ( up to $50,000 in seed funding)

SEARCH ADS

Latest Posts

Court orders prosecution of auxiliary nurse linked to Mohbad’s death
Crime

Court orders prosecution of auxiliary nurse linked to Mohbad’s death

NELFUND Begins Disbursement of Upkeep Payments to Students with Updated Bank Accounts
Education

NELFUND Begins Disbursement of Upkeep Payments to Students with Updated Bank Accounts

FIRS to Launch Mandatory e-Invoicing System for Businesses with ₦5 Billion Turnover and Above
business

FIRS to Launch Mandatory e-Invoicing System for Businesses with ₦5 Billion Turnover and Above

Green Money Projec
Headline

Green Money Project 2025: How to Apply for FG Youth Agriculture Empowerment Programme

FG Orders Banks to Flag Accounts with Monthly Transactions Over ₦5 Million
business

FG Orders Banks to Flag Accounts with Monthly Transactions Over ₦5 Million

JAMB Awards ₦710 Million to Six Tertiary Institutions for Outstanding Admission Practices
Education

JAMB Awards ₦710 Million to Six Tertiary Institutions for Outstanding Admission Practices

JAMB Cut Off Mark for Civil Engineering
Education

JAMB Cut Off Mark for Civil Engineering 2025/2026 in Nigerian Universities

NELFUND Begins Disbursement of Upkeep Payments to Students with Updated Bank Accounts
Education

NELFUND Begins Disbursement of Funds to Students in Saapade, MAPOLY, and LASUED

Official JAMB Cut Off Mark for Medicine and Surgery 2025/2026 In Nigerian Universities
Education

Official JAMB Cut Off Mark for Medicine and Surgery 2025/2026 In Nigerian Universities

JAMB Cut Off Mark For Computer Science
Daily Guides

Official JAMB Cut Off Mark For Computer Science 2025/2026: Requirements And Admission Tips

© 2024 Golden News

  • About Us
  • Advertise with Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms And Conditions
No Result
View All Result
  • Home
  • News
  • Education
  • Business
  • Jobs
  • Daily Guides
  • About Us
  • Advertise with Us

© 2024 Golden News