Mr Ousman Jallow, the presidential aspirant for 2026 presidential elections and the chairman of Progressive Movement of The Gambia, has expressed concerns over the instability and rampant deflation in the country's foreign exchange market.

Mr Jallow was speaking to The Point on Wednesday regarding the status of the foreign exchange in the country.

Jallow said the government should prioritise issues that are affecting Gambians daily rather than concentrating on the draft constitution. "The exchange rate has no control and no legal monitoring process," he said.

He highlighted that the volatility of the exchange rates is what is driving the prices of basic commodities across the country.

"It is not a hidden fact; every Gambian and even non-Gambian knows that most exchange rate dealers operate illegally and illegally increase exchange rates without any authorisation, this is just next to fraud," he alleged.

Besides, Jallow pointed out the numerous Western Union branches that provide incomplete services to both Gambians and non-Gambians.

He alleged that Gambians are now subscribed to using Wave, Western Union, Ria, or MoneyGram, among others but are not properly monitored and regulated giving them the latitude to exploit their customers.

He called on the Barrow administration to take immediate action by enhancing monitoring and regulation of the foreign exchange bureaus to safeguard consumers and ensure fair play in the business.

He advocates for better reporting mechanisms to deliver accurate information on exchange rates and services.

By effectively addressing these issues, Jallow believes the government can stabilise the market, restore public confidence, and contribute to a healthier economy.