The Central Bank of Nigeria (CBN) has announced the introduction of the Electronic Foreign Exchange Matching System (EFEMS) for Foreign Exchange (FX) transactions within the Nigerian Foreign Exchange Market (NFEM).
The Central Bank of Nigeria has announced the introduction of the Electronic Foreign Exchange Matching System for Foreign Exchange transactions within the Nigerian Foreign Exchange Market .
The circular, signed by Dr. Omolara Duke, Director of the Financial Market Department at the CBN, explains that EFEMS is designed to improve governance and transparency in the FX market. It is also expected to promote a market-driven exchange rate that will be more accessible to the public. Once operational, all FX transactions in the interbank market will be conducted through the EFEMS, with transactions reflected in real time. The system is expected to curb speculative activities, reduce market distortions, and provide the CBN with improved oversight capabilities for regulating the market effectively.
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