BDC Operators Reveal Solution for Naira Depreciation

The President of the Association of Bureau De Change Operators of Nigeria (ABCON), Aminu Gwadabe, recently identified those responsible for the recent wave of depreciation of the naira against other foreign currencies.

According to him, some peer-to-peer (P2P) platforms operating in the country, where speculators use the dollar to buy USDT, are responsible for the naira’s depreciation.

To address the situation, ABCON revealed plans for a unified retail end of the foreign currency market to tackle the recent Naira depreciation.

ABCON president, Aminu Gwadabe disclosed this on Friday, noting that the move would tackle volatility and boost regulatory compliance within that market segment.

According to him, ABCON is implementing plans meant to unify operators from different cadres of the market, including the inauguration of state chapters for market coordination, integration, and administering a united market structure.

He revealed plans to upgrade ABCON’s Business Process Platform, formerly called SAAZ Master.

He said, “Part of our vision for a united retail-end forex market includes activating geo-mapping and automated BDCs physical office verification exercise using the Remote Gravity Physical verification apps. This will enable forex buyers to easily locate BDCs offices for effective and seamless transactions.”

Recall that the Naira had resumed depreciation against the dollar.

At the parallel market, Naira traded between N1380 and N1,400 on Friday from 1,300 at last week’s commencement.

Also, at the FX official market, FMDQ data showed that the Naira closed on Friday at N1,339.23 per Dollar compared to N1,169.99 last week.

April 27, 2024