In a bid to to reduce the activities of speculators in the nation’s foreign exchange market, thereby eliminating distortions thereon, the Central Bank of Nigeria (CBN), on Thursday, announced the birth of the Electronic Foreign Exchange Matching Systems (EFEMS) for transactions in the Nigerian Foreign Exchange Market (NFEM).

The EFEMS, the apex bank said in a circular by Omolara O. Duke, Director, at its Financial Markets Department, will equally enhance governance, ensure transparency and facilitate a market driven exchange rate.

Implementation of the new system, will ensure transactions reflect immediately, according to her, will in the process give “the CBN improved oversight capabilities to effectively regulate the market.”

The system, which is billed for implementation not later than December 1, this year, beginning with a two-week test run next month requires authorised dealers to conduct all foreign exchange transactions in the interbank fx market on thereon.

The circular dated October 2, 2024 with reference: FMD/DIR/PUB/CIR/001/021 requires all authorised dealers to comply with extant guidelines and regulations governing the nation’s forex market and ensure that all necessary documentation, training and systems integrations are concluded ahead of the go-live date, Duke added.