Efforts to Safeguard Naira from Dollar Surge in FX Crisis

The collaboration between the Association of Bureau De Change Operators of Nigeria (ABCON) and the Central Bank of Nigeria (CBN) is set to counteract speculators targeting the Naira amidst the recent surge of the dollar in the foreign exchange market, as revealed by ABCON President, Aminu Gwadabe, during an interview in Abuja on Wednesday.

Gwadabe emphasized that ABCON, being a self-regulatory body, has established platforms to monitor and regulate the activities of BDC operators effectively.

He highlighted, “We have set up state chapters to maintain a comprehensive database of participants in the forex market, facilitating easy registration and oversight by the Financial Action Task Force (FATF).”

Further stressing the need for a synchronized and centralized approach in the foreign exchange market, Gwadabe underscored the importance of KYC processes to accurately identify all involved stakeholders in the industry.