ABCON seeks SEC’s guidance, collaboration in harmonising digital currency’s P2P FX sector

The Association of Bureaux De Change Operators of Nigeria (ABCON) has called for Securities and Exchange Commission (SEC’s) guidance and collaboration in harmonising peer-to-peer (P2P) forex sector in the country.

In a courtesy visit to the newly appointed SEC Director-General, Dr. Timi Agama, the President of Association of Bureau de Change Operators of Nigeria, ABCON, Aminu Gwadabe, noted that ABCON has invested in requisite technology to ensure the continued existence of their businesses and preserve the integrity of the sub-sector, adding that the future of BDC’s business is digital currency.

Gwadabe also stated: “As at today, there is over 34 million Nigerians dealing in digital currency and the number is rising by about 9% with a huge market of $9 billion annually. There are thousands of multichannel virtual currency FX platforms and none is indigenous to Nigeria, adding that P2P represents individual to individual transaction.

“To automate the entire foreign exchange retail market, ABCON has partnered with the Commodities Exchange Board, in building the platform knowing that they have sources of foreign exchange. ABCON is willing to work with SEC towards achieving full automation of the retail end of the foreign exchange market in Nigeria.

“Hence, in line with changing global business trends and ABCON’s compliance efforts towards technological innovation, the association on behalf of its membership would be pleased to be granted license to operate in digital currency transactions. This would entail that whoever has USDT and wants to trade it should approach licensed BDCs for their transactions.”

Dr Timi Agama the SEC DG responded with a robust understanding of the ABCON chairman’s speech.

He said: “I understand that ABCON is desirous of setting up a digital market platform with the intention to be part of the emerging digital currency ecosystem in Nigeria. We at the SEC are open to help the sector grow for the love of the country therefore there will be meetings with the relevant departments of the SEC to detail methods and strategies that will strengthen the Naira through necessary innovative ideas as shared by ABCON.”

The SEC DG also reiterate that there are new rules put in place to accommodate local intellectuals to develop digital platforms therefore the SEC will cooperate with ABCON in order to achieve the desired objectives.

Dr Timi who is highly knowledgeable about the virtual currency market and the market makers directed that proposed ABCON presentation and the development of ABCON digital market model named Koletyomoni to be finalised as quickly as possible as there are other interests working underground and should be forwarded to SEC technical team for study and timely review.

He emphasised on the powers of the government through the SEC and that the agency will not hesitate to use its powers where necessary to keep sanity in the issuance, marketting and trading of securities in Nigerias capital market”.

ABCON’s technical partner Oluwasegun Kosemani thanked the SEC DG and his intelligently experienced SEC team which had oMr Wale Ajomale for their warm reception and listening to ABCON while making it known to SEC that much resources have been allocated to the research and development of the platform and that we are working on collaborating with every emerging verifiable blocks of the blockchain and cryptocurrency ecosystem in Nigeria like BICCoN, CDIN, SIBAN, DCC, Bitcoin organisations, local peer to peer exchanges and merchants etc