By Assan Bah
The Governor of the Central Bank of The Gambia (CBG), Buah Saidy, has issued a strong warning against the use of foreign currencies such as the CFA, Euro, and US Dollar in local business transactions.
Speaking at the Monetary Policy Committee’s (MPC) quarterly meeting last Thursday, Saidy said using foreign currencies for domestic transactions is illegal and punishable by law. “The Dalasi is the only legal tender in The Gambia,” he said. “Anyone conducting business in other currencies will be prosecuted.”
He noted that the Bank had already directed that all government payments be made in Dalasi, and that the same rule applies to businesses and individuals. “No one has the right to demand CFA or Dollars. It’s illegal,” he said.
Despite this crackdown, the MPC report noted that the Dalasi remains relatively stable, having depreciated only slightly against the Dollar (1.7%), Pound (0.2%), and CFA (0.5%) between January and March 2025. Against the Euro, it appreciated by 1.2%.
Saidy said the CBG expects the Dalasi to remain stable, but emphasized the importance of increasing exports and reducing imports. He cited rising imports from Senegal—including rams, building materials, and electricity—as a major source of CFA pressure.
The Bank is also working with Fintech companies to improve inbound electronic transfers from countries like Senegal and Côte d’Ivoire. Saidy added that staple food imports and rising global prices continue to drive inflation in The Gambia.
