ABCON Enforces New Forex Trading Hours to Streamline Nigeria’s Market

 

ABCON’s Operational Hour Rules for Forex Operators

Change is becoming more and more prevalent in business; the then foreign exchange you exchange should market fasten of your Nigeria seat and belt. If the association is of the Bureau of Change Operators of Nigeria (ABCON), it has released a new rule for its members, and this is the new working time for them; they are required to open at 8 AM and close at 6 PM, and the rule states that nobody is allowed to bend.


This is not just ABCON showing off its muscles for no reason. The directive is in line with a recent directive given by the Central Bank of Nigeria (CBN) and the National Security Agency (NSA). This is to accomplish the goal of erasing corruption in Nigeria’s forex industry, which has not been in its best shape even for a long time.


According to the memo catchily titled “CBN’s Directive On Opening and Closing Hours of Business, this new rule takes immediate effect. No wiggle room, no grace period. ABCON didn’t mince words in warning its members: stray outside these hours, and you’ll face disciplinary action.


Now, let’s discuss how and why this is taking place. The retail forex market has long been plagued by problems. From illegal activities to criminal long activities, standing the issue industry with has transparency. The CBN’s actions can thus be seen as a way of addressing such issues to ensure that the market is properly and appropriately policed.


But how does this affect the average Bureau of De Change operator? For one, it forces them to tighten their operations. No more late-night deals or extended trading hours. On the flip side, it could level the playing field, ensuring that everyone abides by the same standards.


Of course, not everyone’s thrilled. Change always stirs up a mix of reactions. While some see this as a necessary step to restore trust in the forex market, others worry it might squeeze smaller operators who’ve relied on flexible hours to stay competitive.


Still, the directive is here, and it’s not going anywhere. Whether it transforms the market or just adds another layer of red tape remains to be seen.