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Somali Troops Shut Down Businesses In Mogadishu

Somali security forces have raided online forex centres in the Somali capital, Mogadishu.

Somali security forces have raided online forex centres in the Somali capital, Mogadishu.

According to sources, the forces directed the staff at the centres to stop operations and close it.

The soldiers raided three centres belonged to Camel Online Forex Institute in Zobe, Suq-Ba’ad and Makka al-Mukarama.

It is not yet clear the motive behind the closure of the centres.

Trading is conducted over the ‘interbank market’.

The online channel through which currencies are traded 24 hours a day, five days a week.

Forex is one of the largest trading markets, with a global daily turnover estimated to exceed US$5 trillion.

Different forex platforms operating as centres for foreign money exchange are downloadable on Google Play and Apple App Store, and aggressively market themselves through social media, promising huge and instant returns.

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