The Central Bank of Nigeria (CBN) announced the introduction of an electronic foreign exchange transaction matching system, known as the Electronic Foreign Exchange Matching System (EFEMS), to enhance transparency in the official foreign exchange market. The system is scheduled to take effect on Dec. 1.

According to an Oct. 2 statement from the bank, the implementation will be preceded by a two-week test run in November. Once the test is complete, authorized dealers will be required to conduct transactions using the system, which reflects them in real-time.

The announcement comes amid Nigeria’s ongoing efforts to stabilize the local currency, which has depreciated by more than 60% in 2024. As reported by Bitcoin.com News, the CBN has injected millions of dollars into the Nigerian Foreign Exchange Market (NFEM) and sold U.S. dollars at discounted exchange rates to bureaux de change operators.

The CBN expects the new system to reduce speculative activities and eliminate market distortions. It will also enhance the central bank’s ability to effectively regulate the market.

“The CBN will publish real-time prices and buy/sell orders data from the system, and in collaboration with the Financial Markets Dealers Association (FMDA), publish rules for EFEMS. The Nigerian FX Code and revised Market Operating Guidelines for the Nigeria Foreign Exchange Market will also provide guidance to market participants,” the central bank said.

Meanwhile, the CBN statement instructed authorized dealers to comply with regulations governing the foreign exchange market and to ensure all documentation, training, and systems integrations are complete before the EFEMS goes live.

Register your email here to get a weekly update on African news sent to your inbox:

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。