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Daily Returns: ABCON provides eFASS infrastructure, warns members

By Babajide Komolafe
Association of Bureaux De Change Operators of Nigeria (ABCON) has   provided the   Electronic Financial Surveillance System (eFASS) infrastructure for its members  to render daily returns to the Central Bank of Nigeria (CBN), warning it would impose severe sanctions on any member that fails to comply with the requirement on daily returns.

In a memo to member bureaux de change (BDC) operators on measures taken to ensure smooth participation in the direct sale of foreign exchange to BDCs by the CBN, the Association stated, “As clearly stated in the CBN’s circular of July 22nd titled, COMMENCEMENT OF TRADING OF CLASS B BDCs,” daily and accurate rendition of returns on eFASS is mandatory and a precondition for continued participation in the direct sale of foreign exchange to BDCs.  Most importantly members are admonished to strictly comply with the 2% maximum spread mandated by the CBN.

BDCs should also note that non-compliance with this requirement would jeopardise the continuation of the scheme and undermine the integrity of the BDC industry. Consequently the Association would promptly take/recommend severe sanction  on any member BDC found wanting in this regard.”
The Association said that given the need to upgrade the eFASS interface to meet with the upgraded CBN Data Submission System (DSS), it  has concluded arrangement with its consultant for each BDC to have the upgraded eFASS software (Interface) customized to it. The software (Interface) has one year validity which will run from August 2009 to July 2010

The new eFASS interface will be referred to as ABCON-eFASS Customised Solution, the software is equipped with activation key configured with the BDC code so that no other BDC would be able to use that of another.

The memo stated, “Each BDC is required to pay for its own copy of the software into the dedicated bank account opened for  this purpose. Members should contact the ABCON secretariat in Lagos and Abuja for details of the account and cost of the software.

Members should please note that the cost for the new software covers only the technical/solution and support services by the software provider. A train the trainers’ evaluation/demonstration programme was successfully conducted in Lagos on Wednesday 29 July 2009.

To complement the above, ABCON has commenced the process of procuring and installing two separate dedicated link networks for the purpose of effective daily rendition of returns and downloading of the upgraded CBN DSS which took effect from May 2009.  The links would be installed at the National Secretariat Lagos and the Abuja liaison office to start with. Each dedicated link will be equipped with adequate HITECH multiple user point The multi user points are intended to serve as primary, secondary, help desks, and backs-ups respectively for the usage and benefit of all BDC operators.

Meanwhile, Members are advised to go to the CBN help desk nearest to them with their credentials to download the new DSS, and afterward contact the ABCON offices in Lagos or Abuja with  evidence of payment (bank teller) to pick the eFASS solution from Thursday 6th August 2009.

In addition, having received the eFASS solution you are advised to commence your daily rendition of returns immediately through the CBN eFASS Help desks close to you pending when the installation of our dedicated link is completed. The location of CBN eFASS Help desks are in Lagos, Abuja, Kano, Kaduna, Port Harcourt and Awka. Members will be informed accordingly when additional help desks are created.”


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