Foreign Exchange
CBN sells $543.5m to stabilise FX market in September
The Central Bank of Nigeria (CBN) has revealed that it sold a total of $543.5 million (N844,920,000,000.00) to authorised dealer banks through the Nigerian Foreign Exchange Market (NFEM) between September 6 and 30, 2024. This move was part of the apex bank’s efforts to reduce volatility in the foreign exchange market amid rising demand for […]
CBN introduces electronic foreign exchange matching to curb speculation
The Central Bank of Nigeria, CBN, has announced the introduction of the Electronic Foreign Exchange Matching System, EFEMS, for foreign exchange transactions in the Nigerian Foreign Exchange Market, NFEM. According to a statement by Omolara Duke, Director, Financial Markets Department, EFEMS will be implemented not later than December 1. Duke said that the new system […]