ABCON charts path to effective forex market operations
• Marks four years of rate stability, compliance
In line with its mantra to provide professional services for foreign exchange transactions across the country, the Association of Bureaux de Change Operators of Nigeria (ABCON), is collaborating with the Central Bank of Nigeria (CBN), and other relevant agencies to enhance members’ efficiency through capacity building for an effective foreign exchange (forex) market.
In efforts to boost effective forex operations, the group also said it plans to evaluate the outcome of the assessment of the Financial Action Task Force (FATF), Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA), and CBN examinations.
At a sensitisation workshop on compliance for its members, President, ABCON, Dr. Aminu Gwadabe, said the Association has consistently advised operators to put in place and implement a system of internal policies, procedures and controls, including Know Your Customer, Customer Due Diligence and reporting of all suspicious transactions to regulators.
He said that ABCON is also training BDCs on regular basis on the need to keep transaction records, and get a designated compliance officer that has day-to-day oversight over AML/CFT programme.
According to him, ABCON has over the years, established itself as a key player in the foreign exchange market, and made several commitments and sacrifices to ensure that the sector continues to thrive, in line with global best practices.
The Association also celebrated four years of stable foreign exchange rate, which still stands at N358/$1.00.
Following the prediction by Afrinvest of devaluation by 20 per cent in 2020, Gwadabe said: “For us, we don’t think of any devaluation. Yes, unification of the various exchanges is germane, but any discussion on devaluation is at critical level of the economy should be completely discouraged. The Bureau De Change operators are there, and we would ensure to give our cooperation to the CBN and the government in general, to checkmate any volatility and spike in the foreign exchange market. Devaluation will not do any good.”
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