Naira depreciation: BDC operators reveal solution

In an effort to address the recent devaluation of the Naira, the Association of Bureaux De Change Operators of Nigeria has disclosed plans for a unified retail end of the foreign exchange market. 

Aminu Gwadabe, president of ABCON, revealed this on Friday, who said that the action will improve regulatory compliance and address volatility in that market area. 

He claims that ABCON is carrying out initiatives to bring together operators from various market cadres, such as establishing state chapters for market coordination, integration, and managing a single market structure. 

He disclosed his intention to modernise the Business Process Platform (formerly known as SAAZ Master) of ABCON. 

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.”

Remember that the Naira was again depreciating in relation to the US dollar.

The Naira started last week at around 1,300 and fluctuated between N1380 and N1,400 on the parallel market on Friday.

According to FMDQ data, the Naira closed at N1,339.23 per dollar on Friday at the FX official market, down from N1,169.99 the previous week.

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