The Association of Bureau de Change Operators of Nigeria (ABCON) has announced plans to launch a unified digital trading platform.

Speaking to Legit.ng, Aminu Gwadabe, ABCON president, said the move will help achieve a unified retail end forex market operation.

He added that the platform will help address concerns over undocumented and unregistered platforms like Binance and Bybit.

ABCON speaks on plans to help naira

The ABCON president also revealed a plan to create automation policies and platforms for all BDC operations in Nigerian markets.

His words: "As part of our vision to democratise, centralize, and digitise the retail end market, ABCON, as a proactive organisation and a strategic partner in the retail FX market, has identified the trust we build with our clients and embraced innovation as part of our journey to automate our business processes from manual to digital.

"We are also developing a unified retail end forex market for stakeholder engagements and trading to confront the menace of undocumented and unregistered platforms like Binance, Bybit, etc.

"The unified platform is designed to aid in price discovery, autonomy, reporting, market intelligence reports, ease of monitoring, and supervision for both regulatory and security agencies.

"We have already inaugurated our state chapter chairmen to support our zonal chairmen nationwide in maintaining a repository of data on market participants in their respective zones."

Furthermore, ABCON plans to unveil an upgraded version of its SAAZ MASTERS platform, designed to enhance members' efficiency and effectiveness in meeting regulatory obligations.

He said: "Additionally, we expect to unveil our upgraded SAAZ MASTERS for our members' efficiency and effectiveness in meeting their extant regulatory obligations.

"This unified digital trading platform will enable price discovery, increase our members' visibility, ensure effective AML/CFT compliance, and balance international obligations with national objectives."