Akinlabi Emmanuel
The Association of Bureaux De Change Operators of Nigeria (ABCON) has unveiled strategies aimed at establishing a cohesive retail segment within the foreign currency market to address the recent depreciation of the Naira.
ABCON’s president, Aminu Gwadabe, announced this initiative on Friday, highlighting its objective of mitigating market volatility and enhancing regulatory adherence within this sector.
Gwadabe detailed that ABCON is undertaking measures to unite operators across various segments of the market. This includes the establishment of state chapters to facilitate market coordination, integration, and the implementation of a unified market framework.
Additionally, plans are underway to enhance ABCON’s Business Process Platform, formerly known as SAAZ Master, to further support these efforts.
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.”
Recall that the Naira had resumed depreciation against the dollar.
At the parallel market, Naira traded between N1380 and N1,400 on Friday from 1,300 at last week’s commencement.
Also, at the FX official market, FMDQ data showed that the Naira closed on Friday at N1,339.23 per Dollar compared to N1,169.99 last week.
