The finance and foreign exchange sector constantly evolves, and establishing a unified structure for the retail foreign exchange market is pivotal to revolutionizing how currency exchange operators function. The Association of Authorized Moneychangers of Nigeria (ABCON), led by President Alhaji Aminu Gwadabe, has unveiled bold measures to enhance regulatory compliance among retail forex operators and stabilize market volatility.
As part of the comprehensive strategy, ABCON is introducing regional chapters to streamline the market and ensure a unified structure for the currency exchange sector. This initiative aims to foster the integration and effective management of a consolidated market within the bureau de change sub-sector.
ABCON’s ambitious plans also involve significant enhancements in technology, crucial for combating activities that oppose the reforms of the Central Bank of Nigeria (CBN). To this end, the association envisions establishing a centralized, democratized, and liberalized real-time online trading platform to facilitate transactions and enhance market transparency.
Moreover, ABCON strongly condemns the resurgence of illicit economic practices in currency conversion and person-to-person transactions, warning of potential increased naira volatility. Alhaji Aminu Gwadabe emphasizes the necessity of vigilance and resilience to safeguard the advancements made in the naira’s appreciation.
Additionally, ABCON aims to extend its automation policies and platforms to all bureau de change operators across Nigerian markets while modernizing its Business Process Platform. These efforts seek to bolster the association’s collaboration with regulatory agencies, security forces, and other government entities to ensure a secure and prosperous foreign exchange market in compliance with existing regulations.
The vision of a unified retail foreign exchange market promises numerous benefits, including facilitating price discovery of the naira, aligning international obligations with national objectives, and enabling effective supervision by security agencies. Furthermore, establishing this unified structure would promote job creation, enhance the reputation of exchange bureau operators, and strengthen the image of market stakeholders locally and globally.
To ensure the success of this ambitious plan, a continuous commitment to technological innovation, transparency, and regulatory adherence is essential. By uniting to build a more efficient and secure retail foreign exchange platform, currency exchange operators can contribute to bolstering the Nigerian economy and establish a resilient and ethical foreign exchange market for future generations.
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For more information, you can also visit the external source [BDC Operators President Warns Against Naira Speculation, Vows Unified Market](https://www.pulse.ng/news/local/bdc-operators-president-warns-against-naira-speculation-vows-unified-market/)