Money Market

Volatility: ABCON to Operate Unified Retail FX Operations

To checkmate FX volatility, the Association of Bureaux De Change Operators of Nigeria (ABCON) has revealed that it is working on establishing a unified retail end forex market operations to boost regulatory compliance within the Bureaux De Change (BDC) sub-sector.

ABCON President, Aminu Gwadabe, in a statement at the weekend, said ABCON is carrying out strategic plans meant to unify operators from different cadres of the market including inauguration of state chapters for markets coordination, integration and administering a united market structure.

He said that ABCON plans to extend its automation policies and platforms to all BDC operators across Nigeria markets and upgrading its Business Process Platform (formerly called SAAZ Master). He said the new blueprint for a united retail end forex market structure will ensure the deployment of a centralized, democratized and liberalized online real-time trading platform.

He stated that the association will sustains its engagement with regulatory agencies, security operatives and other government apparatus to entrench a secured and thriving forex market that is supportive to regulation and government. Gwadabe said: “Part of our vision for a united retail-end forex market include activating geo mapping and automated BDCs physical office verification exercise using the Remote Gravity Physical verification apps.”

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