The Association of Bureau De’Change operators of Nigeria has made plans to program it’s trading operations to remove the activities of market gamblers and street traders.
ABCON supports government efforts to clamp down on illegal street sale of foreign currencies. In a decisive move to curb the rampant market.
Since the year begins, Nigeria’s local currency has fall in price seriously, slip down to N1,900 on Wednesday owing to low liquidity and increase suddenly demand for the US dollar.
Aminu Gwadabe, President of the ABCON who spoke with newsmen stressed that the association has developed an computerized platform, which if agreed by the Central Bank of Nigeria, would help transform the retail FX market.
He said the automation process will be launched in three weeks pending a ” no objection” approval from the CBN.
Gwadabe said, “We have now put a lot of recommendation on how we can at least use technology, innovation, and computerized in our behaviors.
“In three weeks, we will computerized the system. We already have the mechanization system in place just for the CBN to give us the approval for “No Objection” that is all we asking.
“We can completely computerized the industry of any retail trader, we will merchandised them in three weeks, we already built the computerized platforms it is there for them. We have sent it to them, and we are only waiting for ‘no objection’ approval. This transformation will also eliminate street trading”.
Gwadabe stressed, that the ongoing assault and arrests of traders should not be mistaken, revealing that FX street traders trap customer of licensed operators, thereby causing a lull in their operations.
He added, “What is happening is not targeted at licenced Bureau De’Change but the operators of FX street trading.
“For us, we are against street trading and support any action that will remove FX street traders. Their activities affect me also. I have an office but my clients cannot come to my office because of the menace of street traders.”
On the volatility in the FX market, Gwadabe explained that various factors, including the imbalance between supply and demand and liquidity, were responsible.
He urged members of the association to strictly adhere to all FX regulations and conduct their operations within their offices.
recall that rhe naira depreciated further to N1,900 against the dollar in the parallel market on Wednesday.
According to currency operators, the naira exchange declined by 9.83 per cent from the N1,730 recorded at the beginning of the week and N170 or 9.82 per cent from the trading rate on Tuesday.
This is even as Bureau de Change operators battle for liquidity to meet the surging demands for the greenback.
