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February 22, 2024
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Forex: BDCs target automation to combat street trading and more

The Association of Bureau De Change Operators of Nigeria is set to automate its trading operations, aiming to curb street trading and speculation. The move comes in support of the government’s crackdown on street currency trading.

Amid the drastic depreciation of Nigeria’s local currency to N1,900, ABCON President Aminu Gwadabe stated that an automation platform is ready for launch pending approval from the Central Bank of Nigeria within three weeks.

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The innovation aims to revolutionize the retail FX market and eliminate street trading. Gwadabe emphasized that the ongoing raids target FX street traders, not licensed operators. He urged members to adhere to regulations and operate within their offices.

The naira further depreciated to N1,900 against the dollar in the parallel market on Wednesday, attributed to factors like supply-demand imbalance and liquidity challenges in the FX market. BDC operators are struggling to meet the growing demand for the dollar, quoting buying and selling rates at N1,850 and N1,900, respectively.

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