The Central Bank of Nigeria has revealed plans to implement an Electronic Foreign Exchange Matching System, which is intended to revolutionize the nation’s foreign exchange market.
The new system is planned to be launched in the Nigerian Foreign Exchange Market on December 1, 2024, after a two-week testing phase that will take place in November.
The EFEMS aims to transform the execution of foreign exchange transactions within the interbank market by improving transparency and facilitating a market-driven exchange rate that the public can easily access.
As stated in a circular issued by Omolara O. Duke, the Director of the Financial Markets Department at the CBN, all authorized dealers will be mandated to utilize the EFEMS platform for foreign exchange transactions.
This will guarantee that all transactions are promptly reflected in the market.
