The Central Bank of Nigeria (CBN) has unveiled guidelines for the Electronic Foreign Exchange Matching System (EFEMS).
According to the apex bank, this development is aimed at ensuring transparency, fairness, and compliance in FX trading.
This is also as it set the minimum tradable amount set at $100,000 (hundred thousand dollars.
A statement on the X account of the CBN announced this development.
“The CBN transitions FX trading to Bloomberg BMatch, promising enhanced transparency, fair pricing and operational efficiency, effective December 2, 2024.”
“The Bloomberg BMatch platform will boost market integrity, enhance price discovery, and ensure seamless FX trading among participants” the statement noted.
“The CBN noted that participants must submit daily transactions reports only to the CBN, detailing trade volumes, counterparties and settlement status.” the apex bank noted.
According to the CBN, participation in the EFEMS is limited to authorised dealer banks licensed by the CBN, while other institutions wishing to join the platform must first obtain prior approval.
According to the CBN, the system aims to ensure uniformity and east trading among participants in the trading platform.
The CBN also hopes to use the platform to monitor market performance and data management.