The Association of Bureaux De Change Operators of Nigeria (ABCON) has announced plans to introduce a digital currency market model named ‘Koletyomoni’.
ABCON president, Aminu Gwadabe, disclosed this in a statement made available to journalists after a visit to the Securities and Exchange Commission (SEC)
He was at SEC to congratulate Dr Timi Agama, the newly appointed director general of the commission.
According to Gwadabe, ABCON needs the support of the SEC to achieve its objective with the digital platform to buy and sell forex.
He noted that the association has invested in the requisite technology to ensure the continued existence of the business and preserve the integrity of the subsector.
Punch reports that he called for support from the SEC, noting that the future of BDC business is a digital currency.
His words:
In response, the SEC DG said:
The SEC’s director-general emphasised the implementation of new regulations to support intellectuals’ growth of local digital platforms.
Consequently, the SEC will collaborate with ABCON to accomplish these goals.
Agama also recommended expediting the completion of ABCON’s digital market model, Koletyomoni, and promptly submitting it to the SEC technical team for examination and timely evaluation.
TimesNow.com.ng earlier reported that Ben Akabueze, the director-general of the federation’s budget office, said the naira would strengthen in value in the foreign exchange market in 2024.
Akabueze said this would be possible as the country expects an increase in dollar supply.
He noted that the Tinubu-led government expects the reforms to start yielding results in 2024, which is why it maintains a positive stance on the exchange rate.
Source: TimesNow.com.ng
