ABCON Calls for Digital Autonomy for Bureaux De Change Operators to Achieve Exchange Rate Convergence

The Association of Bureaux De Change Operators of Nigeria (ABCON) has urged the Central Bank of Nigeria (CBN) to grant Bureaux De Change (BDCs) digital autonomy in order to achieve exchange rate convergence. ABCON President, Dr. Aminu Gwadabe, emphasized the importance of the approval, stating that it would enhance exchange rate convergence, reduce market volatility, and promote economic growth.

Dr. Gwadabe highlighted the past achievements of ABCON in rate convergence in 2006, 2009, and from 2018 to 2020 before the Covid-19 pandemic disrupted the market. Granting digital autonomy to BDCs would enable a true market rate discovery, facilitate the implementation of harmonized foreign exchange rate policies the Federal Government, and ensure effective monitoring of BDC transactions for regulatory compliance.

ABCON has been proactive in promoting digital transformation among its members, who are licensed the CBN. Since 2016, the organization has invested significant resources in IT research, development, and implementation to transition from manual to digital operations. Members now have transaction monitoring systems and utilize online services, such as Amazon Web Service (AWS), for real-time recording and reporting.

In addition, BDC operators have integrated with platforms such as NIBSS (Nigeria Inter-Bank Settlement System) and Bank Verification Number validation for enhanced efficiency and compliance. Granting digital autonomy to BDCs would further strengthen these efforts and drive exchange rate convergence in Nigeria.

Source: Peter Egwuatu, [source name]