The Central Bank of Nigeria (CBN) has announced the introduction of an electronic foreign exchange matching system (EFEMS) to curb forex speculation and instil transparency in the FX market.
This development was announced in a circular dated October 2, 2024 but released on Thursday by Omolara Duke, Director, Financial Markets Department of the apex bank.
She disclosed that the system, which is for FX transactions, would be implemented no later than December 1, 2024 with a 2-week test run in November.
