The Association of Bureau de Change Operators of Nigeria (ABCON) has announced that the Economic and Financial Crimes Commission (EFCC) has granted its members the approval to publicly post foreign exchange rates online.
In an interview with Okay.ng on Tuesday, Aminu Gwadabe, the president of ABCON, highlighted that this decision is anticipated to boost price recovery, promote competitiveness, transparency, and ultimately achieve equilibrium in the market.
With the newfound approval, Bureau de Change (BDC) operators will be able to post foreign exchange rates on a dedicated platform, providing a more streamlined approach to disseminating information from the comfort of their offices.
Gwadabe emphasized the importance of healthy competition among BDC operators, stating, “The BDC operators will post the rates at their own comfort. People cannot have the same prices. The purpose is not to dictate general pricing. Once competition starts there, the platform will help achieve equilibrium.”
The ABCON president clarified that the association had prior approval for such actions. However, due to the posting of rates by AbokiFX, the Central Bank of Nigeria (CBN) expressed concerns.
Gwadabe affirmed that ABCON was “never banned” and the recent permission from the EFCC reinforces their commitment to contributing positively to the financial sector.
In a briefing on January 22, 2024, Gwadabe informed the public about ongoing discussions with relevant agencies to allow BDCs to import dollars, thereby enhancing liquidity in the sector.
He stated, “We’ve also been discussing collaboration on how BDCs can be allowed to import cash dollars into the economy so that we will have liquidity in our subsector.”
Concerning the approval from EFCC, Gwadabe said, “The chairman, EFCC, has promised that he will pass our requests to the president and to the relevant regulatory authorities.” He advised members to be cautious against speculation and hoarding, emphasizing the positive impact expected in the market.
“We hope and are excited to inform you that with the reception we have received from the chairman, EFCC, as soon as possible, there is going to be a major change that will shake this market in terms of stemming the volatility that we are witnessing,” Gwadabe added.
The ABCON president acknowledged challenges in the foreign exchange sector and urged stakeholders to recognize that various factors contribute to volatility. He asserted that BDC operators should not be solely blamed for the issues
