BEVERLY HILLS, January 17, (THEWILL) – The exchange rate platform recently introduced by the Association of Bureau De Change Operators of Nigeria (ABCON) aims to counter the negative impact of speculative rates published by popular online platform, Aboki Forex (Aboki.fx), and the others, says ABCON President, Aminu Gwadabe
The body of licensed parallel market operators said it introduced the countrywide exchange rate platform to provide forex information to those interested in the status of the Nigerian currency.
Gwadabe, who disclosed this at a virtual symposium recently, explained that the countrywide exchange rates platform, Naijabdcs.com, would provide real-time foreign exchange rates across the country based on market realities.
However, Gwadabe has offered more reasons for the newly introduced parallel market exchange rate platform by his group, which he said would offer “homegrown” service to forex market players.
The ABCON chief told THEWILL that Naijabdcs.com is an online real time exchange rate platform developed by the group to provide homegrown exchange to counter speculative quotes of some platforms.
He mentioned Aboki Forex, a popular online platform (Aboki.fx) that provides daily updated currency exchange rates in the parallel market window and shows currency conversion rates of the Naira for major and other currencies, as a major culprit.
“The Naijabdcs.com is an online real time exchange rate platform developed by ABCON.
“The objective is to provide a homegrown exchange rate platform that captures the BDC’s official rate transactions.
“It provides over 4,000 licensed BDCs names and contacts to guide members’ participation.
“It also aimed to counter speculative quotes of Aboki.fx,” Gwadabe said in an e-mail to THEWILL, Sunday.
He lamented over the negative impact of speculative quotes on the forex market which he said contributes to the volatility and regular depreciation of the Naira.
According to him, speculative quote platforms give room for exploitation of Nigerians and contribute to the frequent drop in the value of the Naira which is unhealthy for the economy.
He maintained that some industry players are bent on destroying the forex market and have been applying speculative means to achieve their obnoxious objective.
Gwadabe had announced the birth of naijabdcs.com at the recent virtual symposium organized by Arbiterz Media Limited in association with EGM trading partners, tagged, ‘The Naira In 2021: Optimising choices for growth’, put together to consider the outlook for the Nigerian currency in 2021.
He 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 encourages innovations within the financial services sector and in the country.”
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 licensed BDC operators in Nigeria.
The ABCON chief has been a strong voice against abuse and mismanagement of the forex market rules and has played a significant role in the recognition of BDCs by the Nigerian government and ensuring that BDC operators are not sidelined in forex allocation policies.
About the Author
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
