Connect with us


‘ABCON’s live-rate portal’ll promote transparency, price discovery



‘ABCON’s live-rate portal’ll promote transparency, price discovery

The Association of Bureaux De Change Operators of Nigeria (ABCON) will on May 2, 2018, launch, a live rate engine room created by the association to promote transparency and price discovery in the foreign exchange market. Speaking to financial journalists ahead of the portal launch, ABCON President, Alhaji Aminu Gwadabe, said the group had secured the Central Bank of Nigeria’s (CBN’s) no- objection approval on the engine room.

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 is going digital, and Bureaux De Change (BDC) operators under his leadership are committed to staying ahead of the competition by deploying time-tested technology to deliver effective services to their numerous customers.

He said the objective is to make a household name in financial reporting, coverage and first choice for investors and tourists in accessing quality and reliable information on forex market and rates. 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.

The ABCON chief said the group had fully upgraded its Information Communication and Technology (ICT) platforms, to achieve full digitization of BDCs operations in line with its goal of sustaining transparent operation and prompt rendition of weekly returns to operators.

He said the www.naijabdcs. com would 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. He said the Lagos, Abuja, Port Harcourt, Kano and Onitsha markets always have different forex rates, which will be captured by the live-rate engine at all times. “The new live rate engine will provide buying and selling rates across different cities and also average national rate for the country.

All the CBN-approved BDCs will key into this revolution meant to transform the forex market, and keep speculators out of the market,” he said. The ABCON boss also said the portal will contain BDCs location, and their numbers thereby giving forex buyers direct access to genuine operators to reinforce operator-customer confidence in the market. He said the live-rate engine will also serve as an information site, where investors and general public will rely on to get and read reliable and timely financial market reports.

Gwadabe said that in the era of `fake news’, financial journalists would find the engine room the first point of call in sourcing for data on the forex market and rates. “The www. is expected to be a flagship website for news on the economy, banking & finance and business. The website is expected to be an agenda setting outfit, meant to amplify developments in the economy, particularly the financial services sector, through informed reporting and coverage,” he said.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *




Take advantage of our impressive online traffic; advertise your brands and products on this site. Call For Advert Placement and Enquiries, Call: Mobile Phone:+234 803 304 2915 Online Editor: Michael Abimboye Mobile Phone: 0813 699 6757 Email: Copyright © 2018 NewTelegraph Newspaper.

%d bloggers like this: