Regulatory Alerts2024-11-26 | FMD/DIR/CON/OGC/038/151Guidelines for the Electronic Foreign Exchange Matching System (EFEMS)
The Central Bank of Nigeria outlines guidelines for interbank foreign exchange trading via the Electronic Foreign Exchange Matching System (EFEMS). The document details participant requirements, trading hours, transaction reporting, and dispute resolution processes. The CBN will monitor EFEMS transactions to ensure market integrity and transparency, with violations resulting in penalties.