The Association of Bureaux De Change Operators of Nigeria (ABCON) has called for guidance and collaboration from the Securities and Exchange Commission (SEC) on its new digital currency market, ‘Kolectyomoni.’ This request was highlighted during an official visit to the newly appointed SEC Director General, Dr. Timi Agama.
In a statement released on Thursday, ABCON President Aminu Gwadabe congratulated Dr. Agama on his appointment and emphasized the urgent need for SEC’s support. Gwadabe pointed out that the peer-to-peer trading platforms, which SEC regulates, pose a significant threat to the continued existence of BDCs in Nigeria.
Gwadabe elaborated on ABCON’s investment in necessary technology to ensure the survival and integrity of the BDC sub-sector. He asserted that the future of BDCs lies in digital currency. “Millions of Nigerians are already dealing in digital currency,” Gwadabe noted, adding that the number is growing by approximately nine percent annually, with a substantial market value of $9 billion each year and numerous multichannel virtual currency forex platforms.
In response, Dr. Agama acknowledged ABCON’s ambition to establish a digital market platform and integrate into Nigeria’s emerging digital currency ecosystem. “The SEC is committed to fostering sector growth for the benefit of the country. We will arrange meetings with the relevant SEC departments to discuss strategies and innovations proposed by ABCON to strengthen the Naira,” Dr. Agama said.
Dr. Agama also highlighted new rules that support local intellectual efforts to develop digital platforms. He assured that the SEC would cooperate with ABCON to achieve their objectives. Additionally, he advised ABCON to finalize the development of the ‘Kolectyomoni’ digital market model and submit it to the SEC technical team for study and review.
Earlier this month, Dr. Agama urged members of Nigeria’s crypto community to expose those manipulating the naira. This appeal was made during a meeting organized by the Blockchain Industry Coordinating Committee of Nigeria, aiming to engage with industry players.
As the digital currency market continues to evolve, the association’s proactive steps in seeking SEC’s collaboration for ‘Kolectyomoni’ highlight a significant move towards embracing digital innovation in the financial sector. With the SEC’s support, the BDC sub-sector in Nigeria could see enhanced stability and growth, aligning with global trends in digital finance.
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.
