Solution to Naira Depreciation Unveiled by BDC Operators

In response to the recent Naira depreciation, the Association of Bureaux De Change Operators of Nigeria has put forward a plan for a unified retail end of the foreign currency market.

On Friday, ABCON president Aminu Gwadabe shared that this initiative aims to address volatility and enhance regulatory compliance within this market segment.

ABCON is currently executing strategies to bring together operators from various sectors of the market. This includes setting up state chapters to oversee market coordination, integration, and the establishment of a cohesive market structure.

Additionally, there are plans to enhance ABCON’s Business Process Platform, previously known as SAAZ Master.

Gwadabe stated, “As part of our vision for a consolidated retail-end forex market, we will implement geo-mapping and automate the physical office verification process for BDCs using the Remote Gravity Physical verification apps. By doing so, forex buyers can easily locate BDC offices for efficient and smooth transactions.”

The Naira recently experienced a depreciation trend against the dollar, with rates at the parallel market ranging between N1380 and N1,400 on Friday, compared to 1,300 the previous week.

According to data from FMDQ, the Naira closed at N1,339.23 per Dollar on Friday in the FX official market, marking a rise from N1,169.99 the previous week.