The Central Bank of Nigeria (CBN) has unveiled new guidelines aimed at overhauling the country’s foreign exchange (FX) market to improve price discovery and enhance transparency.
The reforms, which are set to take effect immediately, include a series of significant changes designed to streamline operations and increase market efficiency.
This was made known via a post shared via the X page of the Special Assistant to the President on Social Media, Dada Olusegun, on Sunday, 1st of December 2024.
The post notes that one of the major updates is the inclusion of licensed Bureaux de Change (BDCs) in the official FX market. For the first time in many years, BDCs will now be allowed to purchase FX directly from Authorized Dealers, with a monthly cap established by the CBN.
Additionally, the CBN has consolidated all existing FX windows — including the Importers and Exporters (I&E) Window, SME Window, and Invisible Window — into a single, unified market structure. This move is expected to simplify trading and create a more accessible and efficient market for all participants.
Another key development is the introduction of the Electronic Foreign Exchange Matching System (EFEMS), a centralised platform designed to facilitate real-time price matching. This system will also provide daily FX rates, which will be published on the CBN’s website for public access.
The new guidelines are expected to significantly reshape Nigeria’s FX landscape, fostering greater transparency and improving the overall functioning of the market. [CONTINUE READING HERE]>>>>
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