ABCON requests for all hands on deck in restructuring money flow in Nigeria.
The Association of Bureaux De Change Operators of Nigeria are urging on the Central Bank to put in place policies and directive that would counteract international transactions with digital currencies.
Major Updates
- ABCON are in high competition with cryptocurrencies.
- ABCON to redirect cash flow in Nigeria.
- ABCON to restructure Nigerian foreign transactions.
Since the rise of cryptocurrencies, nations all over the world have been doing their best to quell the excesses of their use. It ranges from anti-crypto regulations, to governmental interference in what is meant to be decentralized.
Cryptocurrencies are currently one of the fastest and cheapest ways to carry out cross-border transactions. This fact has monetary operationional bodies like the ABCON worried.
The advantages paired with the use of cryptocurrencies money transfer are drawing many individuals into the game. Companies and systems that once held exclusive monetary access across borders are now in competition with cryptocurrencies.
Economies lacking in digital crypto advancements like Nigeria are likely to suffer the most. This is one of the many challenges faced by most crypto nations.
Crypto is taking over their economy and this is very critical in the current state of the world. The viral pandemic has left the global cash system in harsh conditions and a lagging economy will only lead to its downfall.
ABCON understands this and has hereon made a request to the CBN.
They define the cause for the problem at hand and have made several suggestions to quell it.
They believe that more people patronize cryptocurrency transfer methods rather than traditional methods like that of the western union. The is simply because of the lack of extravagant prices will opposed to that of cryptocurrency exchanges.
Cash transaction speed is also another factor. Cross border transfers have been referred to as ‘sluggish’ therefore, a major problem. This is however countered by cryptocurrencies which are far quicker and efficient.
Furthermore, they suggested that the cross-country transfer system in Nigeria should be reformed.
Conclusion
In summary, ABCON requires the CBN to set of structures that will redirect the flow of money in the country. This is by topping the advantages cryptocurrencies currently hold over official methods.
Question of the Day
What is your take on the ABCON and their ideas to reposition cash flow in Nigeria?
