Nigeria’s currency, the naira, lost N90.43 of its value against the dollar within a week despite a rise in liquidity in the official foreign exchange (FX) market.
In the parallel market, also known as the black market, the naira strengthened against the dollar on a week-on-week basis.
In a bid to address speculation and enhance transparency in the foreign exchange market, the Central Bank of Nigeria (CBN) introduced a new Electronic Foreign Exchange Matching System (EFEMS) on Thursday.
The system, intended for authorized dealers in the Nigerian Foreign Exchange Market (NFEM), is scheduled to become fully operational by December 1, 2024, with a two-week test phase set to begin in November.
“The CBN will continue to facilitate the supply of FX into the Nigerian foreign exchange market to ensure market stability and meet the country’s foreign exchange needs,” Duke said.
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