By Joy Baba-Yesufu
The Association of Bureaux De Change Operators of Nigeria has said that necessary steps have been out in place for a unified retail end of the foreign currency market.
ABCON President,Aminu Gwadabe spoke in a statement over the weekend said that the move would tackle volatility and boost regulatory compliance within that segment of the market.
According to the president,this was implementing plans meant to unify operators from different cadres of the market, including the inauguration of state chapters for market coordination, integration, and administering a united market structure.
Gwadebe said that, when done, all BDC operators across Nigerian markets would be captured.
He also revealed plans to upgrade its Business Process Platform, formerly called SAAZ Master.
He said, “Part of our vision for a united retail-end forex market includes 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 BDCs offices for effective and seamless transactions.”
He reiterated the benefits of a vibrant retail end forex market to support the Central Bank of Nigeria’s goal of achieving true price discovery for the naira, balancing international obligations and national objectives; ensuring ease of regulation, security agencies monitoring and supervision as well as entrenching market visibility for BDC players.
According to Gwadabe, 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, other stakeholders and market operators, and boost employment generation.
The successful execution of this plan, according to Gwadabe, would help in seamlessly capturing revenues for the government through a digitised retail end market and creating a well-structured, transparent, and competitive platform to checkmate the menace of unlicensed platforms.
“With the world going digital, BDC operators under the ABCON leadership are committed to staying ahead of the competition by deploying time-tested technology to deliver effective services to foreign exchange end-users
