Nigeria: BDC operators eye SEC partnership on digital currency

The Association of Bureaux De Change Operators of Nigeria has called for the Securities and Exchange Commission’s guidance and collaboration on its digital currency market called ‘Kolectyomoni’.

A statement from the association on Thursday indicated that this came to the fore during an official visit to the newly appointed Director General of the SEC, Dr Timi Agama.

ABCON President, Aminu Gwadabe, who congratulated the SEC DG on his appointment highlighted that the SEC regulates the sector that he claimed was a threat to the continued existence of BDCs in Nigeria; peer-2-peer trading platforms.

He also explained that ABCON has invested in requisite technology to ensure the continued existence of the business and preserve the integrity of the sub-sector. He opined that the future of BDC’s business is digital currency.

Gwadabe said that there were millions of Nigerians dealing in digital currency and “The number is rising by about nine per cent with a huge market of $9bn annually and there are thousands of multichannel virtual currency forex platforms.”

In response, the SEC DG 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 helping 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.”

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

Agama also advised that the development of the ABCON digital market model named ‘Koletyomoni’ be finalised as quickly as possible and forwarded to the SEC technical team for study and timely review.

Earlier this month, the SEC DG urged members of the crypto community in Nigeria to name and shame the players involved in the manipulation of the naira.

Agama made this plea at an ongoing meeting which was organised by the Blockchain Industry Coordinating Committee of Nigeria, to interact with industry players.