The Central Bank of Nigeria (CBN) has announced the introduction of the Electronic Foreign Exchange Matching System (EFEMS) for foreign exchange (FX) transactions, aimed at reforming the Nigerian Foreign Exchange Market. This digital platform is expected to enhance governance and transparency in the interbank FX market, with full implementation scheduled for December 1, 2024.
Dr. Omolara O. Duke, Director of the Financial Markets Department at CBN, outlined the system’s details in a circular addressed to authorized dealers. A two-week test run of EFEMS will be conducted in November 2024, prior to the official December launch, to ensure that authorized dealers and relevant market participants are familiar with the system.
This development is part of CBN’s efforts to regulate and oversee foreign exchange transactions in Nigeria, ensuring compliance with regulatory requirements
