Nigerian parallel market operators introduce platform for countrywide exchange rates

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The Association of Bureau De Change Operators of Nigeria (ABCON) says it has launched a real-time exchange rates platform to provide forex information to those interested in the status of the Nigerian currency.

Aminu Gwadabe, the association’s president, said this on Tuesday at a virtual symposium organised by Arbiterz Media Limited, in association with EGM trading partners.

The symposium, tagged, ‘The Naira In 2021: Optimising Choices for Growth’, was put together to look into the outlook for the Nigerian currency in 2021.

ABCON said the new platform, Naijabdcs.com, would provide real-time foreign exchange rates across the country based on market realities.

Mr Gwadabe said the platform would be different from other apps and platforms dedicated to publishing details of parallel market updates.

“The introduction of this platform, Naijabdcs.com, will help to enhance the provision of authentic and live foreign exchange rates across the country based on market realities,” he said.

“This is our own way of adding value to the market and also encourage innovations within the financial services sector and in the country.”

READ ALSO: Western Union, MoneyGram, others to start payment of forex remittances to Nigerians Friday – CBN

He stressed that the platform would allow traders to access real-time currency updates, from Western Union rates to CBN exchange rates and bank ATM rates, including details about over 2,500 licenced BDC operators in Nigeria.

The ABCON chief said the Nigerian local currency has gone through “sabotage’ since 1986 when the structural adjustment programme (SAP) was introduced.

He added, however, that the CBN has introduced policies to curtail sabotages and also balance the level of demand and supply.

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