According to a statement issued by Omolara Duke, the Director, Financial Markets Department of the CBN, the transaction was through a two-way quote at the Nigeria Foreign Exchange Market (NFEM) on 11 dealing days.
NAN recalls that the CBN had earlier announced the introduction of an Electronic Foreign Exchange Matching System (EFEMS), for Foreign Exchange (FX) transactions in NFEM.
“Authorised dealers will subsequently conduct all foreign exchange transactions in the interbank Fx market on the EFEMS approved by the CBN where transactions will be reflected immediately,” she said.
ADVERTISEMENT“The Nigerian FX Code and revised Market Operating Guidelines for the Nigeria Foreign Exchange Market will also provide guidance to market participants.
“Authorised dealers are, therefore, required to comply with extant guidelines and regulations governing the Nigeria foreign exchange market...
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