ABCON live-rate engine room ‘ll ensure FX price discovery – Gwadabe

Alhaji Aminu Gwadabe, President, Association of Bureau-De-Change Operators of Nigeria (ABCON), said on Friday that its soon-to-be launched live-rate engine room would ensure price discovery for the Forex market.

Gwadabe told our correspondent in Lagos that the launch, scheduled for April 30, was part of ABCON’s strategic alliance with the CBN, to ensure stable liquidity in the FX market.

According to him, the new engine room – www.naijabdcs.com will sustain transparent transactions in the BDC corridor, boost the morale of its members and ensure their continuous operations.

Gwadabe said that for a robust liquidity in the FX market, ABCON would also be introducing its FX trading platform, to generate inflows and attract Diaspora remittances.

“The proposed trading platform will generate job opportunities for teeming graduates, thereby reducing unemployment in the country,’’ he said.

In the area of infrastructural development, the ABCON chief said it had fully upgraded its ICT session, to ensure transparent operation and prompt rendition of weekly returns.

He noted that www.naijabdcs.com would serve as a veritable resource tool for investors coming into the country, as they would be furnished with the authentic prevailing rates in the market.

The financial expert said that in the era of `fake news’, committed journalists would find the engine room the first point of call in sourcing for data on the FX market.

Our correspondent reports that BDCS have sustained strategic partnership with the CBN, to consolidate on FX stability in the country.

At the peak of naira volatility, BDCs also partnered with the CBN to ensure that the proceeds of International Money Transfer Operators and Diaspora remittances were leveraged on to defend the naira.

As data journalism gathers momentum in Nigeria, the launch of www.naijabdcs.com would fill the data gap in the reportage of money market.