Amidst the volatility around the Nigerian currency and its foreign exchange market, the Association of Bureaux De Change Operators in the country has revealed plans for a unified retail end of the foreign currency market.

In a statement released on Saturday, the association said that the move would reduce volatility and improve regulatory compliance in that market sector.

The lack of dollars has had a huge effect on Nigeria. In the past few weeks, the naira has hit all-time lows, and the central bank has had to weaken the currency twice in less than a year and launched campaigns against currency racketeers as well as other policies like banning Binance and other crypto companies’ online sites through the Nigerian Communications Commission to stop what the government saw as ongoing manipulation of the foreign exchange market and the illegal flow of money.

Aminu Gwadabe, President of ABCON, said that the organization was putting plans in place to bring together market operators from different backgrounds. These plans included starting state groups to coordinate, integrate, and run a single market structure.

Gwadebe said that all BDC owners in Nigerian markets would be taken care of when it was done. He also talked about plans to improve its Business Process Platform, which used to be known as SAAZ Master.

He said, “Part of our vision for a united retail-end forex market includes activating geo-mapping and automated BDCs physical office verification exercise using the Remote Gravity Physical verification apps. This will enable forex buyers to locate BDCs offices for effective and seamless transactions easily.”

He said again that a strong retail end forex market would help the Central Bank of Nigeria reach its goal of real price discovery for the naira, as well as meet international obligations and national goals, make it easier for security agencies to monitor and supervise, and give BDC players a better view of the market.

Gwadabe says that the goal of a unified retail end forex market will help with the creation of market intelligence reports, improve the image of BDCs, other players, and market operators both locally and internationally, and create more jobs.

Gwadabe said that if this plan is carried out well, it will help the government make money through a digitalized retail end market and create a well-structured, open, and competitive platform to stop the threat of illegal platforms.

“With the world going digital, BDC operators under the ABCON leadership are committed to staying ahead of the competition by deploying time-tested technology to deliver effective services to foreign exchange end-users.

“Finally, we also condemned in its entity, the seeming reappearance of illegal economic behaviours in forex conversion and peer-to-peer trading that pose another recent surprise in naira volatility and I therefore want to warn that while surprises are the new normal, resilience is also the new skills,” Gwadebe explained.

A tender paper shows that Nigeria is looking for fund managers for a $10 billion diaspora fund to bring in dollars and foreign investment for the economy.

The fund wants to pool the billions of dollars that its people send back to the country every month so that they can be used for local investments in things like healthcare, education, and infrastructure.

The World Bank says that Nigeria got more than $20 billion in payments from people living outside of Nigeria last year.

The Ministry of Industry and Trade in Nigeria said in a public post that it was looking for “fund managers for the development and establishment of a multisectoral, multilateral private sector-led investment fund to form the $10 billion Nigeria Diaspora Fund.”

The tender paper said that the fund manager’s job is to plan and set up the fund’s legal, operational, financial, and administrative structures.

The investment is intended to last for three to five years, and then more money will be put in after that. The government said the fund would last for 10 years and could be used for an extra two years.

The trade ministry’s tender said that people who want to run the fund must have done business in Nigeria in the last five years and must have a track record of raising money and running big, profitable venture capital funds.

Anglo-American turned down BHP Group’s $39 billion takeover offer on Friday, saying it was way too low for the London-listed company and its future.

In a statement, Minister of Industry and Trade Doris Anite said that it was a “once-in-a-lifetime chance for our citizens in the diaspora to drive Nigeria’s economic growth.”

The naira is under pressure because of a lack of foreign currency because of lower crude oil exports. This has led companies and people to buy dollars on the black market.

Nigeria is going to issue migrant bonds later this year to bring in even more foreign currency.