Somaliland's Central Bank and Forex Traders Strike Deal on Fees

Somaliland, 28 October 2025 – The Central Bank of Somaliland and  Wadajir Association of Money Changers have  signed an agreement resolving disputes over licensing and deposit fees for new forex traders.

 The signing  ceremony in Hargeisa, Monday, crowned the prolonged talks after both sides agreed on the amounts to be paid for licensing, renewals, and deposits — an issue that had previously sparked widespread debate among forex traders across Somaliland.

 The bank welcomed the deal stating that it formed part of ongoing reforms to modernize the exchange system and restructure foreign currency markets, ensuring that Somaliland’s financial system operates transparently, efficiently, and in line with national laws and regulations.

 Deputy Governor of the Central Bank, Hamse Khayre, said the reform process had engaged more than 250 money changers and helped clarify compliance levels within the sector.