This is a summary of a story that was carried on the East African on 30th Nov 2009

Some dealers have opened personal dealing bureaux where they hire university graduates to oversee the trading
Also lured by the flourishing business are bank employees not directly attached to Treasury
Central Bank of Kenya Governor Prof Njuguna Ndung’u terms the private dealing a criminal activity
Neither the Central Bank nor the Kenya Revenue Authority seem to be aware of the flourishing private forex dealing
Trading accounts are opened with no minimum balance requirement.

worried Mundu wa Ngai

it cannot be illegal...you are trading otc markets on the internet...the cbk has no jurisdication in either two...ndungus comments boarder on idiotic

I always thought that buying and selling of foreign currency is prohibited unless one of the parties is an authorised dealer i.e a bank or forex bureau. Ndungu had a point there but i doubt if CBK ever thought of online OTC markets when it came up with the rules. Each country needs to regulate forex trading within its territory so that it can monitor forex inflow and outflow from the economy.

Forex trading is the most lucrative trading business known around.Ndungu's comments are non informed to say the least.there's no law prohibiting PRIVATE forex trading.The CBK laws didnt see online forex trading coming.
With over 3 trillion dollars exchanged everyday this is the best market to make money.
If you are intrested in forex MAKE SURE your online forexbroker is regulated by a respectable financial body in the country its registered.Do a thourough check before depositing your hard earned money.With just 2,000.00 in your visa/mastercard you can start trading forex with online forex brokers like Oanda.com , instaforex.com , FXPro , ibfx (My favourite) the list continues.....

Give it a try today and you'll love it.

Unless KE comes up with an explicit fx law prohibiting it (I wonder how) or they shutdown the internet (?), there's no way to curtail it. And i wonder why they'd want to do so and for what benefit.

@The Merchant. i amnt marketing any forex firm . but when you make a couple of a hundred thousand shilling per week in this tough times i am sure you would also want to let your fellow wazuas know.
I mean there are other forexbrokers that go as low as one dollar yani 80.00 bob to start trading and they provide high class service and most of all they are regulated. e.g easyforex.com
So instead of the jobless folks sittin their behinds whinnin abt unemployment rate ynt learn some basics and start forex trading ?

spot on my guy!!

Thats some much needed good news, and a step in the right direction!

I'm seeing the likes of JP Morgan and HSBC are rubbing their hands in anticipation...