On Oct. 3, NGR CB launched electronic FX matching system (EFEMS).
Introduction of the electronic foreign exchange matching system (EFEMS) in the interbank foreign exchange market for foreign exchange transactions in NFEM.
System
Authorized dealers are to conduct all foreign exchange transactions in in the interbank FX market on the EFEMs where transactions will be reflected immediately.
New system expected to enhance governance, transparency and facilitate a market-driven exchange rate that will be accessible to the public.
Expected to reduce speculative activities and eliminate market distortions and provide NGR CB with improved oversight capabilities to effectively regulate the market.
NGR CB will publish real-time prices and buy/sell orders data from the system.
Authorized dealers are required to comply with guidelines and regulations governing the NGR foreign exchange market and ensure all necessary documentation, training and systems integrations are concluded ahead of the go-live date.
Effectiveness
Will be implemented no later than Dec. 1, 2024 with a 2-week test run in Nov. 2024.
Cover what is EFEMS, when it will be implemented, key benefits of adopting EFEMS for Nigeria’s FX trade, changes it will bring to the current FX trading process, etc.
The series published covers 19 questions and related answers on EFEMS operation.
