By Adoga Michael Oyi
Association of Bureaux De Change Operators of Nigeria (ABCON) said that its live exchange rate engine room, www.naijabdcs.com, was developed to promote transparency and price discovery in the foreign exchange market.
Forex
ABCON’s Acting President, Aminu Gwadabe, disclosed this in Lagos on Wednesday while delivering the keynote address at the official unveiling of the portal. Addressing dignitaries at the event which included officials of the Trade and Exchange Department, Other Financial Institutions Supervision Department (OFISD) of the Central Bank of Nigeria (CBN) as well as top officials of Travelex Nigeria Limited, Gwadabe said: “www.naijabdcs.com is a live rate engine room created by ABCON to promote transparency and price discovery in the foreign exchange (forex) market. The CBN approval reaffirmed the regulator’s commitment to a transparent and viable forex market where stakeholders’ interests are protected.”
Speaking further, Gwadabe stated: “Today, with globalisation and rising influence of technology, BDC operators under my leadership are committed to staying ahead of the competition by deploying time-tested technology to deliver effective services to their numerous customers. The portal is one of the numerous instruments that will be of great help and support for BDCs in their journey to sustain transparent transactions.
“ABCON’s management takes information technology very seriously. That explains why it 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. “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.”
No comments:
Post a Comment