NEWS GAMBIA, BANJUL, According to a press release from the Central Bank of The Gambia, it has come to the notice of the bank that some businessmen\women and individuals refuse to accept 25 Butut coin in settlement of business transaction or debt. These acts tantamount to undermining the objective of gaining and maintaining public confidence in the currency and preserving the value and integrity of the currency which the release added is essential for proper functioning of the economy.
The public is reminder that the bank has the sole right to issue and redeem currency notes and coins in The Gambia in the form and designs as it may consider appropriate. The Central Bank of The Gambia once again wishes to inform the general public that the existing banknotes and coins continue to be legal tender at their face value.
According to the release, the banknotes and coins of all denominations issued by the Central Bank of The Gambia cannot legally be refused in payment of debt. It urged any person who refuses to accept Gambia currency notes and coins commits an offence and is liable to punishment.
Central Bank of The Gambia solicit the cooperation of the public in putting a stop to such illegal practice adding that the Central Bank of the Gambia in collaboration with the inspector General of Police and other relevant authorities will take appropriate action against culprits.
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