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Naira to Dollar Rate: BDCs Proffer Solutions To Depreciation

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Bureaux De Change Operators (BDCs) under the umbrella of the Association of Bureaux De Change Operators of Nigeria (ABCON), has revealed plans for a unified retail end of the foreign currency market to tackle the recent Naira depreciation.

The president of the association, Aminu Gwadabe, disclosed this on at the weekend, noting that the move would tackle volatility and boost regulatory compliance within that market segment.

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According to him, the association is implementing plans meant to unify operators from different cadres of the market, including the inauguration of state chapters for market coordination, integration and administering a united market structure.

He revealed plans to upgrade ABCON’s Business Process Platform, formerly called SAAZ Master.

“Part of our vision for a united retail-end forex market includes activating geo-mapping and automated BDCs physical office verification exercise using the Remote Gravity Physical verification apps.

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“This will enable forex buyers to easily locate BDCs offices for effective and seamless transactions,” he stated.

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Comrade James Ezema is a veteran journalist and media consultant. He is a political strategist. He can be reached on +2348035823617 via call or WhatsApp.

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