Association of Bureaux de Change Operators of Nigeria (ABCON) has finalized arrangements to digitalize the operations of its members.
The association will on May 2, launch www.naijabdcs.com, which is a live rate engine room created by the group to promote transparency and price discovery in the foreign exchange (FOREX) market.
The www.naijabdcs.com is expected to 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.
Lagos, Abuja, Port Harcourt, Kano and Onitsha markets which always have different FOREX rates, are to be captured by the live-rate engine at all times.
Speaking to financial journalists ahead of the portal launch holding in Lagos, ABCON PRESIDENT, Aminu Gwadabe, said the group had secured the Central Bank of Nigeria’s (CBN’S) no-objection approval to launch the live rate portal.
According to him, the new engine room – www.naijabdcs.com – will sustain transparent transactions in the BDC corridor, boost the morale of its members and ensure their continuous operations.