ABCON Partners CBN, NIBSS, Others to Enhance Transparency


By Nume Ekeghe

The Association of Bureaux De Change Operators of Nigeria (ABCON) will tomorrow launch its live run automation portal in Lagos.

The initiative is expected to automate all BDCs’ operations with the Nigeria Inter-bank Settlement System (NIBSS), Nigeria Financial Intelligence Unit (NFIU) and Central Bank of Nigeria (CBN). It is aimed at improving the level of compliance of the BDCs with set regulations.

In a statement ahead of the launch, ABCON President, Aminu Gwadabe, said the group had secured the CBN’s no- objection approval to launch the live run portal.

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 was going digital, adding that BDC operators under his leadership were committed to staying ahead of the competition by deploying time-tested technology to deliver effective services to customers. 

He said the objective was to enhance BDCs compliance with set regulations and promote market integrity.

According to him, the portal would 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 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.