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Reading: CBN Fixes $100,000 Minimum Trade for Banks on Forex Platform
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African News Herald > Blog > Business > CBN Fixes $100,000 Minimum Trade for Banks on Forex Platform
Business

CBN Fixes $100,000 Minimum Trade for Banks on Forex Platform

ANH Team
Last updated: November 27, 2024 11:07 pm
ANH Team
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The Central Bank of Nigeria (CBN) has recently introduced a new directive for interbank foreign exchange (FX) trading through the Electronic Foreign Exchange Matching System (EFEMS). This move, announced by Dr. Omolara Duke, Director of the CBN’s Financial Markets Department, aims to enhance transparency, efficiency, and compliance within Nigeria’s FX market.

EFEMS is a platform designed to streamline interbank FX trading, mitigate risks, and ensure adherence to CBN regulations. Bloomberg’s BMatch has been selected as the official order-matching platform for interbank transactions, operating from 9:00 am to 4:00 pm West Africa Time on business days.

The minimum trade value on EFEMS has been set at $100,000, with increments of $50,000. Initially, the platform will facilitate spot FX transactions between the Nigerian naira and the US dollar, with the possibility of introducing additional currency pairs in the future.

Participants on EFEMS must abide by CBN guidelines, which include establishing credit and settlement limits, adhering to the Nigerian Foreign Exchange Code, and complying with all CBN regulations. Only authorised dealer banks licensed by the CBN are allowed to participate, with other institutions requiring prior approval.

Transactions on EFEMS are confidential until matched, with counterparty details revealed only after finalisation. Any trades exceeding limits or parameters must be promptly reported and recorded. The CBN will monitor all transactions on EFEMS to ensure transparency and market integrity, with participants required to submit daily reports.

Violations of EFEMS rules will result in strict penalties, including access suspension or termination. The CBN will conduct regular reviews of the platform to uphold efficiency and compliance.

See also  Mukuru launches mobile wallet in Zimbabwe to bolster financial inclusion

The official launch of Bloomberg’s BMatch as EFEMS for foreign exchange trading is scheduled for December 2, 2024. This initiative signifies the CBN’s commitment to modernising and regulating Nigeria’s FX market for improved performance and integrity.

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