CDEDI Claims Government Officials and Banks Involved in Forex Black Market Activities
Published on February 20, 2025 at 11:06 AM by Edgar Naitha
The Center for Democracy and Economic Development Initiatives (CDEDI) has alleged that some cabinet ministers, government officials, and banks are involved in facilitating black market forex trading.
Speaking at a press briefing in Lilongwe, CDEDI Executive Director, Sylvester Namiwa, stated, “According to our findings, this trend is contributing to the further weakening of the local currency against the US dollar, as the latter is being traded without any backing.”
Namiwa also claimed to have evidence of individuals involved but has withheld their names for now.
One example he cited was a minister who allegedly applied for $450,000 from a commercial bank, only to sell it to a Malawian businessperson at a rate of K4,200.
