ABCON to harmonise retail end of FX market 

The Association of Bureaux De Change Operators of Nigeria (ABCON) is planning to establish a unified retail end forex market operations to tackle volatility and boost regulatory compliance within the Bureaux De Change (BDC) forex sub-sector.

ABCON President, Alhaji Aminu Gwadabe, who disclosed this over the weekend, said ABCON is carrying out strategic plans meant to unify operators from different cadres of the market, including inauguration of state chapters for markets coordination, integration and administering a united market structure.

He said that ABCON plans to extend its automation policies and platforms to all BDC operators across Nigeria markets and upgrade its Business Process Platform-(formerly called SAAZ Master).

He said the new blueprint for a united retail end forex market structure will ensure the deployment of a centralized, democratized and liberalized online realtime trading platform.

In a statement, he said the association will sustain its engagement with regulatory agencies, security operatives and other government apparatus to entrench a secured and thriving forex market that is supportive to regulation and government.

Speaking further, he said “Part of our vision for a united retail-end forex market include activating geo mapping and automated BDCs physical office verification exercise using the Remote Gravity Physical verification apps.

This will enable forex buyers to easily locate where BDCs offices are for effective and seamless transactions”.

“The vision for a united retail end forex market will help in the provision of market intelligence reports, enhance the local and global image of the BDCs and other stakeholders, market operators and boost employment generation.”

The successful execution of this plan, according to him, will help in seamlessly capturing revenues for the government through a digitized retail end market and creating a well structured, transparent and competitive platform to checkmate the menace of unlicensed platforms like Binance, Aboki FX, ByBit among others.

He reiterated that the benefits of a realistic and vibrant retail end forex market as supporting Central Bank of Nigeria (CBN’s) goal of achieving true price discovery for the naira, balancing of international obligations and national objectives; ensuring ease of regulation, security agencies monitoring and supervision as well as entrenching market visibility for BDC players.