Regulatory Alerts2024-10-03 | October 3, 2024Introduction of the Electronic Foreign Exchange Matching System (EFEMS) in the Interbank Foreign Exchange Market
The Central Bank of Nigeria is introducing the Electronic Foreign Exchange Matching System (EFEMS) for foreign exchange transactions in the Nigerian Foreign Exchange Market. The system, which will be implemented by December 1, 2024, aims to enhance governance and transparency, facilitate a market-driven exchange rate, reduce speculative activities, and improve the CBN's oversight capabilities. Authorized dealers are required to comply with relevant guidelines and ensure necessary preparations are made ahead of the go-live date.