The Central Bank of Nigeria (CBN) has announced the launch of the Electronic Foreign Exchange Matching System (EFEMS) to enhance transparency in the foreign exchange market, with a planned implementation date of December 1. This system will allow licensed brokers to conduct transactions in real-time. As the Nigerian currency has fallen by more than 60% in 2024, the CBN hopes to reduce speculation and improve its regulation. Brokers are called upon to adhere to the rules and prepare before the system goes live.
Source: Africa News Agency