BDCs partner NIBSS to automate operations

Bureau de change operators under the aegis of the Association of Bureaux De Change Operators of Nigeria are collaborating with the Nigeria Inter-bank Settlement System Plc to automate their operations for
online real time returns rendition. The Acting President, ABCON, Alhaji Aminu
Gwadabe, made the disclosure in Lagos, a statement by the association indicated.
Gwadabe also said that ABCON had established the naijabdcs.com, a live rate engine
room to be rolled out soon, as part of its strategy to enhance transparency, price
discovery and attracting of billions of dollars through Diaspora remittances.

According to him, the association is working with the Central Bank of Nigeria to
maintain naira stability. The ABCON chief noted that foreign investors, who invested
billions of dollars in the equities market, might exit the market ahead of the 2019
elections. As a result, he said the negative implication of exit of portfolio
investors from the local bourse raised major concern on naira’s continued stability.
According to him, there will be further external sector imbalances in the run-up to
the 2019 elections even as equity market imbalance is likely to increase. The
statement quoted Gwadabe as saying, “The development in the stock market and its
closeness to elections is worrisome.