The Association of Bureaux De Change Operators of Nigeria has revealed plans for an amalgamated retail end of the foreign currency market to fight the recent plummeting of the Nigerian Naira.
Aminu Gwadabe, the ABCON president had made this disclosure on Friday, highlighting that the strategy would fight volatility and increase regulatory compliance within that Naira market segment.
According to Gwadabe, ABCON was already implementing plans meant to unify operators from various cadres of the market, including the inauguration of state chapters for market coordination and integration, as well as administering a united market structure.
The ABCON president had also revealed plans to upgrade ABCON’s Business Process Platform, formerly known as SAAZ Master.
In his words:
“Part of our vision for a united retail-end forex market includes triggering geo-mapping and automated BDCs physical office verification exercise using the Remote Gravity Physical verification apps.”“This act will enable forex buyers to easily find BDCs offices for effective and seamless transactions.”
This development is coming at a time when the Naira had begun depreciating against the dollar.
At the parallel market, Naira traded between N1380 and N1,400 on Friday as against the 1,300 it traded at last week’s commencement.
Additionally, at the FX official market, FMDQ data revealed that the Naira closed on Friday at N1,339.23 per Dollar compared to N1,169.99 last week.
