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.
President of ABCON, Aminu Gwadabe, met with Dr. Timi Agama of SEC 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.
The association perceives this to be of great benefit to the Nigerian government as it would increase revenue from the government through legitimate transactions
This news indicated the increased adoption of Cryptocurrencies in Nigeria and some of the issues that face banking sectors in the process of adapting to the changes.
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