Bureau de Change operators decry activities of illegal money changers at Nakonde border post

The organised private sector has complained about the increasing number of illegal money dealers on the black market at the Nakonde-Tunduma One Stop Border Post.

Nakonde Chamber of Commerce president, Thomas Botha, alleged in an interview on Tuesday that the border post currently had over 500 illegal money changers.

According to Botha, this situation had forced the bureau de change operators at the border post out of business.

He complained that traders on the black market had created stiff competition for bureau de change offices at the border post, forcing them out of business.

“There are over 500 illegal money changers here. Those are not just standing there for fashion they are money changers, we are facing a lot of challenges when it comes to accessing foreign exchange because when you go to the bank, you will not find the forex unless you go to the black market and they are selling it an exorbitant price because they are the ones that are holding on to it.

“The black market has pushed those out of business, there is one company which has monopolised the market and if we dig deeper you will find that the company is not Zambian, so we need capacity building for those people,” he said.

On the way forward, Botha said: “We can have bureaus then government stiffens laws for these black markets, then bureaus can confidently come black and trade in forex at a fair rate.”

Chamber vice president, George Mando, called for immediate action to curtail the activities of the illegal traders.

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