Nigeria : the Central Bank introduces a new electronic system to improve the foreign exchange market

The Central Bank of Nigeria (CBN) has announced the launch of the Electronic Foreign Exchange Matching System (EFEMS) to enhance transparency in the foreign exchange market, with a planned implementation date of December 1. This system will allow licensed brokers to conduct transactions in real-time. As the Nigerian currency has fallen by more than 60% in 2024, the CBN hopes to reduce speculation and improve its regulation. Brokers are called upon to adhere to the rules and prepare before the system goes live.