The Association of Bureau De Change Operators of Nigeria (ABCON) is actively seeking regulatory approval to publicly display black-market exchange rates for the naira against the dollar on online platforms, more than two years after the ban on AbokiFX.
Speaking to Nigerian outlet Nairametrics, ABCON president Aminu Gwadabe explained that the association is proposing this change, accompanied by an upgrade to their website's functionality to compete effectively with other platforms in the economy.
This proposal signifies a departure from the previous central bank leadership's stringent measures aimed at regulating Bureau De Change (BDC) operations and reducing the significance of the unofficial market. Black market rates have not been shown online since 2021, when the Central Bank of Nigeria shut down AbokiFX, alleging involvement in "illegal activities that undermine the economy.”
In Nigeria, the black market exchange rate is often very far from the rate set by the official market. On January 22, when the P2P market was selling dollars for NGN1371, they were selling for NGN925 through legal channels.
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