ABCON Speaks on Plans To Help Naira Recovery As Traders Sell Dollar at New Exchange Rate
- Nigerian currency continues to perform poorly against the US dollar in the foreign exchange markets
- The Association of Bureau De Change Operators of Nigeria has spoken on plans to stabilise the market
- Aminu Gwadabe, ABCON president, in a chat with Legit.ng, discussed the association's plans for the foreign exchange market
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Association of Bureau de Change Operators of Nigeria (ABCON) has announced plans to launch a unified digital trading platform.
Speaking to Legit.ng, Aminu Gwadabe, ABCON president, said the move will help achieve a unified retail end forex market operation.
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He added that the platform will help address concerns over undocumented and unregistered platforms like Binance and Bybit.
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ABCON speaks on plans to help naira
The ABCON president also revealed a plan to create automation policies and platforms for all BDC operations in Nigerian markets.
His words:
"As part of our vision to democratise, centralize, and digitise the retail end market, ABCON, as a proactive organisation and a strategic partner in the retail FX market, has identified the trust we build with our clients and embraced innovation as part of our journey to automate our business processes from manual to digital.
"We are also developing a unified retail end forex market for stakeholder engagements and trading to confront the menace of undocumented and unregistered platforms like Binance, Bybit, etc.
"The unified platform is designed to aid in price discovery, autonomy, reporting, market intelligence reports, ease of monitoring, and supervision for both regulatory and security agencies.
"We have already inaugurated our state chapter chairmen to support our zonal chairmen nationwide in maintaining a repository of data on market participants in their respective zones."
Furthermore, ABCON plans to unveil an upgraded version of its SAAZ MASTERS platform, designed to enhance members' efficiency and effectiveness in meeting regulatory obligations.
He said:
"Additionally, we expect to unveil our upgraded SAAZ MASTERS for our members' efficiency and effectiveness in meeting their extant regulatory obligations.
"This unified digital trading platform will enable price discovery, increase our members' visibility, ensure effective AML/CFT compliance, and balance international obligations with national objectives."
New exchange rate
Legit.ng earlier reported that the Nigerian currency depreciated in the parallel and official markets on Thursday, May 9, 2024.
Traders sold the naira at N1,459 per dollar in the official market, indicating a loss of N38.67 to the dollar.
On Wednesday, May 8, 2024, the naira traded at N1,455 per dollar, compared to the previous rate of N1,421.06.
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Source: Legit.ng
