Grapevine

CBN introduces electronic matching system for FX transaction

The Central Bank of Nigeria (CBN) has announced the introduction of the Electronic Foreign Exchange Matching System (EFEMS), for Foreign Exchange (FX) transactions in the Nigerian Foreign Exchange Market (NFEM).

The bank said the new system would be implemented not later than 1 December, 2024.

In a statement dated 2 October, signed by the Director of the Financial Markets Department, Omolara Duke, the CBN said there will be a 2-week test run in the month of November.

According to the statement, authorised dealers would subsequently conduct all foreign exchange transactions in the interbank Fx market on the Electronic Foreign Exchange Matching System approved by the CBN where transactions will be reflected immediately.

The apex bank explained that the new system is expected to enhance governance, transparency and facilitate a market-driven exchange rate that will be accessible to the public.