The Central Bank of Nigeria. CBN, has given the Association of Bureaux De Change Operators of Nigeria, ABCON, a no objection approval to launch an initiative called ‘Live Run Automation Portal’.
According to a statement by ABCON, the project is expected to automate all BDCs’ operations with those of the Nigeria Inter-bank Settlement System, the Nigeria Financial Intelligence Unit and the CBN to improve the level of compliance of the BDCs with set regulations.
The statement quotes the ABCON President, Aminu Gwadabe, as saying that the approval reaffirmed the regulator’s commitment to a transparent and viable foreign exchange market with stakeholders’ interests protected.
Gwadabe, who noted that the world was going digital, said the BDC operators under his leadership were committed to staying ahead of the competition by deploying time-tested technology to deliver effective services to customers, adding that the objective was to use the portal to enhance BDCs’ compliance with set regulations and promote market integrity.
According to him, the portal will sustain transparent transactions in the BDC corridor, boost the morale of its members and ensure their continuous operations.