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Another Forex Dealer Denied Bail

Harare Regional Magistrate, Ngoni Nduna has denied bail to businessman Samuel Tererai Chiodze who is among the 14 ‘illegal’ foreign currency dealers arrested last week.

Nduna ruled that there are high chances that Chiodze who is facing charges of money laundering and contravention the Exchange Control Act will interfere with state witnesses if granted bail.

The Magistrate further noted that Chiodze has the means to skip the boarder and evade justice if freed on bail.


This comes after the State tightened screws on illegal foreign currency dealers who are accused of sabotaging the economy through inflating the foreign currency exchange rate on the parallel market.

Chiodze who is the owner of Tererai (Private) Limited is alleged to have transferred more than ZWL$125 million  to several Ecocash agent lines owned by illegal foreign currency dealers.

Chiodze will be back in court on the 19th of this month.

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Journalist based in Harare

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