ABCON Begs CBN for Inclusion in Electronic Forex Trading

By Adedapo Adesanya

The Association of Bureaux De Change Operators of Nigeria (ABCON) has made an appeal to the Central Bank of Nigeria (CBN) to allow its members to trade foreign exchange (FX) electronically.

President of ABCON, Mr Aminu Gwadabe, who made this appeal on behalf of his member, argued that electronic forex trading by BDC operators will ease the demand pressure on the local currency and create value for the economy.

“Technology is a threat whether we like it or not and we have been urging the CBN to allow us to operate within the payment space. Our request to the CBN and the federal government is to continue to empower us more especially in the payment space.

“The world is now in the fourth generation and it is no more in the traditional method of doing business even agriculture is digital. So, we are appealing to the CBN to allow us to be on the digital payment space as this will deepen the economy, further converge the rate, further deepen liquidity and empower the BDC,” Mr Gwadabe said at a webinar organised for its members on Wednesday with the theme The Impact and Roles of BDCs Challenges and Way Forward.

Also, Mr Gwadabe urged members of the association to strictly adhere to the rules guiding operations in the sub-sector by selling at the rate fixed by the CBN, castigating operators who are flouting the rules and are selling at black market rates, warning them to desist from such acts.

“Some of us want to be ungodly and trading on the parallel market rate is highly unacceptable. The CBN has said it is highly unacceptable, ABCON has said it is highly unacceptable and so we are calling on all the directors of BDCs to please ensure that you don’t sell to willing customers.

“Any willing customer that says he wants to buy at N465 is not your customer and they would land you sanctions and get penalties,” he said.

He further added that monies found on operators carrying out illegal trades would be seized by the relevant authorities.

He said: “Any dollar you found trading on the street is going to confiscated and would become federal government’s property. Any dollar you try to courier via border movement at the airport is also government property.”