The President of the Association of Bureaux De Change Operators of Nigeria (ABCON), Aminu Gwadabe, has revealed plans to establish a unified retail end forex market structure.
This strategic initiative seeks to address volatility and streamline operations across the Bureaux De Change (BDC) sub-sector.
Gwadabe outlined the objectives of ABCON’s blueprint and the need to integrate operators from various segments of the market.
Central to the plan is the inauguration of state chapters to facilitate coordination, integration, and administration of a united market structure.
ABCON intends to extend its automation policies and platforms to all BDC operators nationwide, upgrading its Business Process Platform to enhance efficiency and transparency.
The proposed unified retail end forex market will feature a centralized, democratized, and liberalized online real-time trading platform.
This innovation aims to provide market participants with greater accessibility and transparency while fostering regulatory compliance and government oversight.
Speaking on the vision for the unified market, Gwadabe highlighted the importance of collaboration with regulatory agencies, security operatives, and government bodies to ensure a secure and thriving forex market environment.
Gwadabe reiterated the benefits of a realistic and vibrant retail forex market, aligning with the Central Bank of Nigeria’s (CBN) objectives of achieving true price discovery for the naira and balancing international obligations.
Also, the unified market structure aims to provide market intelligence reports, enhance the image of BDCs, and stimulate employment generation.
Furthermore, ABCON’s initiative aims to combat the proliferation of unlicensed forex platforms by creating a transparent and competitive market environment. By digitizing retail forex transactions and ensuring regulatory compliance, the association aims to capture revenues for the government and curb illicit financial activities.
ABCON, as a self-regulatory body representing all CBN-licensed BDCs, acknowledges the importance of maintaining integrity and adherence to regulatory standards within the sector.