
CBN Unveils Electronic Foreign Exchange Matching System to Curb Speculation
The Central Bank of Nigeria (CBN) has announced the launch of an Electronic Foreign Exchange Matching System (EFEMS) aimed at streamlining foreign exchange transactions in the Nigerian Foreign Exchange Market (NFEM). This initiative, set for implementation by December 1, 2024, is expected to foster transparency, reduce market distortions, and combat speculative activities.
According to Omolara Duke, Director of the Financial Markets Department, the EFEMS will allow authorized dealers to conduct all FX transactions on a regulated platform, ensuring real-time transparency. A two-week trial is planned for November before full deployment. The CBN, in collaboration with the Financial Markets Dealers Association (FMDA), will publish rules and guidelines to ensure compliance among market participants.
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