EFCC and ABCON Collaborate to Tackle Black Market Dollar Rates

In a bid to address the persisting challenges posed by fluctuating black market dollar rates, the Economic and Financial Crimes Commission (EFCC) and the Association of Bureaux De Change Operators of Nigeria (ABCON) have forged a collaborative effort aimed at stabilizing Nigeria’s foreign exchange market.

Following a meeting held at the EFCC headquarters in Abuja, attended by EFCC Chairman Ola Olukayide and ABCON President Aminu Gwadabe, the two entities reached an agreement to mitigate the volatility in the black market.

A key outcome of the meeting was the directive for ABCON to establish a unified website dedicated to displaying the buying and selling rates of the naira against the dollar.

This move aims to enhance transparency in the foreign exchange market and provide stakeholders with reliable exchange rate information.

ABCON, through its president Aminu Gwadabe, emphasized the significance of regulatory reforms within the Bureaux De Change sector to promote efficiency, transparency, and compliance with established regulations.

This initiative underscores ABCON’s commitment to fostering a stable and conducive financial environment.

The collaboration between EFCC and ABCON marks a significant step towards achieving exchange rate stability and convergence in Nigeria.

By empowering ABCON to publicly disclose naira exchange rates online, the initiative seeks to curb the influence of the black market and promote fair and transparent forex transactions.

The move is expected to bolster investor confidence, attract foreign investment, and facilitate economic growth by providing clarity and reliability in the foreign exchange market.

As Nigeria navigates its forex challenges, the EFCC-ABCON collaboration represents a proactive effort to address systemic issues and promote financial integrity in the country.