Illegal Money Exchange Prohibited

Below is a press release issued by the Minister of Finance

The Minister of Finance noticed that the extend of the illegal foreign exchange is becoming increasingly alarming in our big towns particularly Yaoundé and Douala. This activity is carried out by some individuals who have invaded public spaces and offer illegal services to users.
He recalls that the convention harmonizing the banking regulation defines the banking profession and includes manual foreign exchange transactions within the scope of that profession. Therefore, the exercise of these operations requires the authorization of the Monetary Authority and the fraudulent exercise of that profession is punishable by the provisions of article 45 of the annex of that convention.
Furthermore, he pointed out that as provided by CEMAC regulation N° 02/CEMAC/UMAC/CM of 29 April 2000 on the harmonization of exchange regulation within the CEMAC member States and Order N° 00194/MINEFI/DCE/FE of 16 September 1998 governing the opening and operating conditions of exchange offices by economic operators, manual exchange operations must be carried out at exchange offices, commercial banks and incidentally microfinance Institutions.
The Minister brings to the public attention that the only legal currency in...