Bureaux De Change Operators in Nigeria to Establish Unified Retail Forex Market
Written by Jerry Alomatu on April 27, 2024
The Association of Bureaux De Change Operators of Nigeria has announced plans for a unified retail segment within the foreign currency market. According to a statement released on Friday, the association aims to tackle market volatility and bolster regulatory compliance within this specific sector.
ABCON President, Aminu Gwadabe, outlined the strategies being implemented, which include creating state chapters for market coordination and integrating operators from various market segments. Once finalized, this initiative will encompass all BDC operators across Nigerian markets.
Furthermore, ABCON intends to enhance its Business Process Platform, now known as SAAZ Master, to support these efforts. Gwadabe emphasized the incorporation of technological advancements such as geo-mapping and automated verification exercises for BDCs’ physical offices, which will facilitate smoother transactions for forex buyers.
The vision for a unified retail-end forex market aligns with the goals of the Central Bank of Nigeria, aiming to achieve price stability for the naira, streamline regulation, and enhance market transparency. Gwadabe highlighted potential benefits, including the provision of market intelligence reports, improving the image of BDCs and stakeholders, and creating employment opportunities.
Gwadabe also emphasized the importance of digital innovation in delivering efficient services to forex end-users, while condemning illegal economic activities such as unlicensed trading platforms and hoarding practices. He cautioned members against engaging in such activities, stressing that regulatory bodies are vigilant in maintaining naira stability.
These developments come after ABCON’s recent endorsement of the Central Bank of Nigeria’s directive prohibiting the use of domiciliary accounts as collateral for naira loans.
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Author: Jerry Alomatu
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