The ABCON (the Association of Bureaux De Change Operators of Nigeria) solicits the supervision of the Securities and Exchange Commission (SEC) of Nigeria on the P2P (peer-to-peer) sectors of the foreign exchange market.
According to a report, the president of ABCON, Aminu Gwadabe, met with SEC Director-General, Dr. Timi Agama to discuss the hurdles associated with online forex trading platforms.
ABCON is proposing a solution: A digital platform to undertake forex transactions, these will be administered by the SEC. It will be in line with ABCON’s experience and measures to enable it to deal with transparency and combatting illegality.
“As at today, over 34 million Nigerians are dealing in digital currency and the number is rising by about 9 percent 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” Gwadabe said
The association perceives this to be of great benefit to the Nigerian government as it would increase revenue from the government through legitimate transactions
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