As the Association of Bureaux De Change Operators of Nigeria (ABCON) launched the live rate engine room, www.naijabdcs.com, in Lagos yesterday, its President, Aminu Gwadabe, has predicted that the new initiative would transform the foreign exchange (forex) market and keep speculators at bay.
Gwadable, in his address at the event, said the website would be an agenda setting outfit meant to amplify developments in the economy, particularly the financial services sector, through informed reporting and coverage.
Going down memory lane, the ABCON boss noted that many Nigerians and businesses have endured the publication of subjective news in the industry through channels whose sources cannot be trusted.
“It was on this premise that the ABCON decided to challenge the status quo with a superior idea and platform in the Naijabdcs.com as a viable voice in financial and business news reporting. We have come to this stage where we are ready to meet the needs of the market with news and investment information that is timely and objective. The outcome of today’s launch is expected, in no half measures, to significantly provide sound market information, attract foreign direct investment (FDI), increase social cohesion and drive inclusive economic growth,” Gwadabe added.
The portal is a live rate engine room created by ABCON to promote transparency and price discovery in the foreign exchange market.
ABCON noted that the CBN approval of the website reaffirmed the regulator’s commitment to a transparent and viable forex market where stakeholders’ interests are protected.