The naira on Wednesday appreciated to N1,715 to the dollar on the parallel market. This figure represents a N15 gain compared to N1,730 traded the previous day on the market, also known as black market.
The naira also gained at the official market by 0.9 percent as the dollar was quoted at N1,658 on Tuesday as against N1,672 quoted on Monday at the Nigerian Autonomous Foreign Exchange Fixing, NAFEX, according to data from the FMDQ Securities Exchange limited.
The Central Bank of Nigeria’s Electronic Foreign Exchange Matching System, EFEMS, officially kicked-off on Monday.
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EFEMS is an electronic platform introduced to tackle speculation and improve transparency in Nigeria’s FX market. It automatically matches buy and sell orders, promoting fairness and efficiency in FX trading.
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