ABCON Calls For Collaboration to Integrate BDCs Into Nigeria’s Growing Digital Currency Market
The Association of Bureaux De Change Operators of Nigeria (ABCON) has appealed for guidance and collaboration from the Securities and Exchange Commission (SEC) concerning its new digital currency market initiative, ‘Kolectyomoni’. This appeal was made during an official visit to the newly appointed SEC Director General, Dr Timi Agama, as detailed in a statement released by ABCON on Thursday.
ABCON President Aminu Gwadabe, who congratulated Agama on his new role, highlighted that the SEC oversees sectors, including peer-to-peer trading platforms, which he claimed pose a threat to the continued existence of BDCs in Nigeria. He emphasized that ABCON has invested in the necessary technology to ensure the survival and integrity of the BDC sub-sector, asserting that the future of their business lies in digital currency.
“There are millions of Nigerians dealing in digital currency,” Gwadabe stated. “The number is rising by about nine per cent annually, with a significant market size of $9bn. There are thousands of multichannel virtual currency forex platforms.”
In response, Agama expressed the SEC’s willingness to support ABCON’s efforts to establish a digital market platform, integrating BDCs into Nigeria’s burgeoning digital currency ecosystem. “We at the SEC are open to helping the sector grow for the love of the country,” Agama said. “There will be meetings with the relevant departments of the SEC to discuss strategies that will strengthen the Naira through necessary innovative ideas as shared by ABCON.”
Agama also encouraged the swift finalization of ABCON’s digital market model, ‘Kolectyomoni’, and its submission to the SEC technical team for prompt review and study. He reiterated the SEC’s commitment to accommodating local intellectuals in developing digital platforms, assuring cooperation with ABCON to achieve its objectives.
Earlier this month, Agama urged members of Nigeria’s crypto community to name and shame those manipulating the naira, during a meeting organized by the Blockchain Industry Coordinating Committee of Nigeria.
