As a seasoned crypto investor with a deep understanding of the Nigerian financial landscape, I see this development as a positive step towards regulating the peer-to-peer forex market and increasing transparency in online transactions. Having witnessed firsthand the challenges associated with unregulated trading platforms, I believe that the involvement of the SEC is crucial to combatting illegality and ensuring the protection of investors’ funds.
The Association of Bureaux De Change Operators in Nigeria (ABCON) requests that the Securities and Exchange Commission (SEC) oversee the peer-to-peer (P2P) segments of the Nigerian foreign exchange market.
Aminu Gwadabe, Head of ABCON (Association of Bureaux De Change Operators of Nigeria), recently held a discussion with Dr. Timi Agama of the Securities and Exchange Commission (SEC). The primary topic of their conversation was the challenges surrounding online foreign exchange trading platforms. In response to these issues, ABCON is proposing a new approach: the creation of a digital platform for carrying out forex transactions. This proposed platform will be regulated by the SEC and aligned with ABCON’s expertise in ensuring transparency and combating unlawful activities.
As a financial analyst, I can tell you that this association believes that their involvement will significantly boost the Nigerian government’s revenues. They anticipate that their legitimate transactions will contribute substantially to the government’s income.
The news revealed the growing usage of Cryptocurrencies in Nigeria and the challenges encountered by the banking sector as they adjust to this shift.
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2024-05-19 03:32