CBN introduces electronic foreign exchange matching to curb speculation …C0NTINUE READING HERE >>>
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 was expected to enhance governance, transparency, and facilitate a market-driven exchange rate that will be accessible to the public.
“This development is expected to reduce speculative activities, eliminate market…
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