Abuja, Oct. 4, 2024 – The Central Bank of Nigeria (CBN) is to launch an Electronic Foreign Exchange Matching System (EFEMS) to check fraudulent practices and enhance transparency in foreign exchange transactions.
The system, which will be launched before Dec. 1, will be preceded by a two-week test run in November.
The apex bank announced the new platform in a circular to all authorised dealers which was signed by CBN Director, Financial Markets Department, Dr. Omolara Duke.
It said the platform would further reduce speculative activities, eliminate market distortions and give the CBN improved oversight capabilities to effectively regulate the market.
It advised the authorised dealers to comply with extant guidelines and regulations governing the Nigeria foreign exchange market, and ensure that all necessary documentation, training, and systems integrations are concluded ahead of the go live date. (GBN)
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