By Esther Igomu

The Central Bank of Nigeria has set a minimum trade value of 100,000 dollars for interbank foreign exchange trading via the Electronic Foreign Exchange Matching System.

The directive was dated 25 November 2024 and signed by CBN’s Director of the Financial Markets Department Dr Omolara Duke.

According to Duke the development is part of efforts to ensure transparency, efficiency, and compliance within Nigeria’s FX market.

The EFEMS is designed to streamline interbank FX trading, reduce counterparty risks, and ensure adherence to CBN regulations.