The Central Bank of Nigeria (CBN) has announced the introduction of an Electronic Foreign Exchange Matching System aimed at transforming the country’s foreign exchange market.
This new system is set to be operational in the Nigerian Foreign Exchange Market by 1 December 2024, following a two-week test run scheduled for November.
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The EFEMS is expected to reshape how foreign exchange transactions are conducted in the interbank market by enhancing transparency and promoting a market-driven exchange rate accessible to the public.
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