ABCON to launch online platform against unrealistic rates’ reporting

In order to checkmate unrealistic reporting of Foreign exchange (Forex) rates at close of daily trading activities, Association of Bureaux De Change Operators of Nigeria (ABCON) has concluded all plans to launch its own online rate platform, findings by The Daily Times revealed. Speaking through an exclusive telephone chat with our correspondent, President of ABCON, Alhaji Aminu Gwadabe, said the association has resolved to launch www.naijabdcs.com, so as to curb impractical reporting of Forex rates in the market like abokiFx.com.

Gwadabe explained that the new platform will avail the media, investors, regulators, Diaspora in abroad the true value and realistic market rates in the economy. According to him, the concerns of wrong reporting of true value of the naira in the market by foreign platforms like aboki Fx.com is creating a lot of tension and intend to rubbish the strength of the naira being recorded on a daily basis.

It is therefore our resolved as ABCON to provide an alternative exchange rate two way quote platform that will meets the needs of the public and investors locally and intentionally”, he explained. While the naira is trading below N362 to the dollar since the beginning of 2018 at the parallel market abokiFx.com is busy quoting N363/$.This is a misnomer, unrealistic and deceitful and need to be corrected”, he said.

The BDCs boss, who did not give a time for the unveiling of the association’s online platform, confident that it will come live very soon,The platform will be more informative, robust, realistic and content rich than all other FX quotes platform. I am sure is going to be a delight in the FX rates reporting”, he assured.

The BDCs, had earlier in the year listed recipes for a stronger naira and a more stable exchange rate in 2018, while urging the Central Bank of Nigeria (CBN) to ensure the convergence of deposit money banks rate and that of the BDCs, for a healthy competition that would achieve a stronger naira.

He also called for the deepening of the BDC’s scope of operations by allowing them to transact on SME remittances. Allowing the BDCs to remit upkeep and accommodation fees for Nigerian students abroad will help to mitigate parents’ problems in sourcing the dollar.

He appealed to the CBN to allow the BDCs to have access to the investors/exporters window and to also make BDC operators direct agents of the International Money Transfer Organisations like it was done in other advanced economies.

Gwadabe urged the CBN to allow the BDCs to do live programmes on the rendition of returns/operations, to ensure greater transparency.Other recipes listed by the group included the exemption of BDC transactions from VAT payments as observed in the UK and the U.S. and the reduction of complex documentation requirements on BDC transactions.