Go digital to end forex crisis, CBN advised

The Association of Bureaux De Change Operators of Nigeria (ABCON) has urged the Central Bank of Nigeria (CBN) to digitize and democratize its operations to halt the foreign exchange crisis.

According to NAN, ABCON President Alhaji Aminu Gwadabe said this in an interview on Sunday.

Gwadabe said that the appeal became necessary against the backdrop of recent CBN-planned reforms on BDCs.

“Given the above, we call on the CBN to diversify our scope of operation and business model from cash-based to less cash and digital platforms.

“It is also important to note that ABCON has spent several millions on IT research and development, designs, and implementation of various layers of automation of the business transformation process from manual to digital.

“Our members, through automation, now have transaction monitoring systems with installed IT office equipment and internet in their location.

“Our members now record their transactions on AWS I -Cloud real-time online and extract their daily reports for return rendition, online real-time interface with the CBN,” Gwadabe said.

DAILY POST recalls that after the floating of the Naira at the forex market on June 14, the nation’s currency had remained unstable, exchanging between N915-920/$1 at the black market.

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