The Bureau de Change Operators of Nigeria (ABCON) has promised to put modalities in place to ensure that the attack on the naira is stopped, News About Nigeria reports.
The President of the Association, Aminu Gwadabe, disclosed this in an interview on Wednesday in Abuja.
He noted that the association is a self-regulatory body and has platforms to check the excesses of BDC operators.
Listing the measures taken by the association, Gwadabe stated that state chapters have been inaugurated where a data repository of participants in the forex market can be compiled.
He added that what the foreign exchange market needed was a kind of harmonisation, a centralisation, and KYC to know all participants in the business, maintaining that this would enable the CBN to track other players in the market other than the BDCs and their levels of involvement.
“We have inaugurated state chapters whereby we can have a data repository of participants in the forex market.
“This is for the Financial Action Task Force (FATF) to understand this market and to know the participants, give them a simple registration.
“We want to balance international obligations with our own objectives. International obligations are templates that have been built without our input.
“We are coming with our own template to balance it. We have seen some illegal economic behaviour, and the CBN and the security agencies are aware, and I am sure they will nip it in the bud,” he said.
He further noted that the BDCs are collaborating with the regulatory authorities for physical verification of offices using technology, adding that the recent wave of depreciation of the Naira was of concern to the BDC operators.
