The Association of Bureaux De Change Operators of Nigeria (ABCON), has enjoined over 4,500 Bureaux de Change (BDCs) operators licensed by Central Bank of Nigeria (CBN), to shun Yahoo and Gmail as means of communication. Instead, they should set up official emails.
In accordance with CBN directive: ABCON President, Alhaji Aminu Gwadabe, was quoted in a statement to have said that the advice followed a circular from the Other Financial Institutions (OFIs) Department of the CBN, which directed all OFIs (including BDCs) to use corporate e-mails for their communication with the apex bank.
“We are also glad to inform the gathering that over 1,000 BDCs in the South-west have been integrated with the new CBN Forex return rendition platform. In due course, our members in the other zones shall be integrated to achieve online real time return rendition to CBN from the comfort of their offices. ABCON has created over 4,000 official emails on its platform www.abconng.org for its members to enhance compliance.”
“ABCON advises all members to activate their emails on the automation platform to enable them comply with the CBN circular. All members are to visit national and zonal secretariats for further enquiry and assistance, where necessary.”
Why this matters: Gwadabe stated that the new form of communication has become necessary, especially considering the fact that most cyber attacks involve the use of web or internet-based emails to send malicious software or viruses that compromise the data and IT systems of organizations, thereby putting them at risk of losing huge capital or reputation.
The Need to comply: Mr Gwadabe, therefore, urged BDC operators to comply with the CBN directive by making regulatory submissions and communicating with the regulator via corporate e-mails. He said the apex bank has restricted all web-based e-mails from its domain, adding that compliance is compulsory.
About ABCON: The Association of Bureaux De Change Operators of Nigeria was registered and approved by the Corporate Affairs Commission (C.A.C), in February 1997.
It was established by over 50 bureaux de change operators to create an environment of sanctity in the business of foreign exchange.