ABCON seeks SEC’s guidance in harmonising digital currency’s P2P FX sector

 

The Association of Bureaux De Change Operators of Nigeria (ABCON) has called for Securities and Exchange Commission’s (SEC’s) guidance and collaboration in harmonising peer-to-peer (P2P) forex sector in the country.

In an official courtesy visit to the newly appointed SEC Director-General, Dr. Timi Agama, the  ABCON, President, Aminu Gwadabe congratulated the Director General SEC on his appointment by Mr President his excellency Bola Ahmed Tinubu.

He also highlighted that SEC regulates the sector that is a threat to the continued existence of BDCs in Nigeria through online virtual transactions platforms which gives access to millions of Nigerians to trade in foreign exchange without trace and accountability.

He also explained that ABCON has invested in requisite technology to ensure the continued existence of the business and preserve the integrity of the sub-sector. He opined that the future of BDC’s business is digital currency, adding that  ABCON  meeting with the SEC DG and the present executive board of the SEC was a follow up on the earlier online virtual consultation.   

Gwadabe explained that ABCON is the umbrella body for all licensed retail foreign exchange dealers established in 1991 to liaise with regulators, relevant stakeholders and security agencies for a transparent retail end forex market.

Speaking further, he said, “As at today, there is over 34 million Nigerians dealing in digital currency and the number is rising by about 9 per cent with a huge market of $9 billion annually. There are thousands of multichannel virtual currency FX platforms and none is indigenous to Nigeria, adding that P2P represents individual to individual transaction.

“To automate the entire foreign exchange retail market, ABCON has partnered with the Commodities Exchange Board, in building the platform knowing that they have sources of foreign exchange. ABCON is willing to work with SEC towards achieving full automation of the retail end of the foreign exchange market in Nigeria.”