ABCON to Launch Website for FX Rates


The Association of Bureaux De Change Operators of Nigeria (ABCON) will on May 2, 2018, launch, a live rate engine room created by theassociation to promote transparency and price discovery in the foreign exchange (FX) market.The platform would be launched in Lagos.

ABCON President, Alhaji Aminu Gwadabe, said the group had secured the Central Bank of Nigeria’s (CBN’s) no- objection approval on the engine room. The approval, he said, reaffirmed the regulator’s commitment to a transparent and viable forex market where stakeholders’ interests are protected.

Gwadabe said the world is going digital, and Bureaux De Change (BDC) operators under his leadership were committed to staying ahead of the competition by deploying time-tested technology to deliver effective services to their numerous customers.

He said the objective is to make the platform a household name in financial reporting, coverage and first choice for investors and tourists in accessing quality and reliable information on forex market and rates.

According to him, the new platform will sustain transparent transactions in the BDC corridor, boost the morale of its members and ensure their continuous operations.

The ABCON chief said the group had fully upgraded its Information Communication and Technology (ICT) platforms, to achieve full digitisation of BDCs operations in line with its goal of sustaining transparent operation and prompt rendition of weekly returns to operators.

He said the platform would serve as a reliable platform for local and international investors, who will rely on it to access uniform forex rate across states, regions and markets nationally. He said the Lagos, Abuja, Port Harcourt, Kano and Onitsha markets always have different forex rates, which will be captured by the live-rate engine at all times.

“The new live rate engine will provide buying and selling rates across different cities and also average national rate for the country. All the CBN-approved BDCs will key into this revolution meant to transform the forex market, and keep speculators out of the market,” he said.