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ABCON Debunks Forex Racketeering, Introduces Online Portal



The Association of Bureau De Change Operators of Nigeria (ABCON) have joined the Central Bank of Nigeria in debunking a report of racketeering in the foreign exchange market which allows some people purchase the dollar at N306 to the dollar.

Speaking at the launch of the ABCON Automation Project, President of the association, Aminu Gwadabe said the allegations that the CBN is selling dollars “to some faceless agents at N306 is unfounded”.

He noted that the automation process introduced by ABCON will clear the air on issues surrounding forex sales as it would boost transparency. “This automation will help the CBN to remove the wrong perception that people is having because there will be transparency. Everybody can go to the portal and see the BDC are even buying dollar at N357.

“The automation integrates three regulatory agencies, first is the CBN portal, it is also connected to theportal of the Nigeria Financial Intelligence Unit (NFIU) and it also integrates Nigeria Inter Bank Settlement System (NIBSS) platform. For CBN, we send our transaction, our daily utilisation and purchase.

“Also NFIU captures suspicious transactions, the NIBSS portal will capture KYC, verification and validation of BVN of our customers. It is robust and all encompassing in addressing anti-money laundering and anti terrorism financing.”

Gwadabe said the Live-Run Operation Portal, which automates BDC Operations to reduce Manual labor, was built in collaboration with Centrifuge Consulting.

“The objective for making this Live Run operation portal is to enhance BDCs compliance with set regulations and promote market integrity. The portal will sustain transparent transactions in the BDC corridor, boost the morale of operators and ensure continuous operations in ABCON.