The Naira gained ground against the US dollar at the parallel market on Monday, appreciating by ₦20. The exchange rate improved to ₦1,730 per dollar, compared to ₦1,750 recorded last Friday.
This development coincided with the launch of the Electronic Foreign Exchange Matching System (EFEMS) via Bloomberg’s B-Match platform, marking the first trading session under the new regime.
The Central Bank of Nigeria had directed all banks in the interbank foreign exchange market to transition to the Bloomberg B-Match system in a move aimed at enhancing efficiency and transparency in foreign exchange operations.
Also Read: Businesses Struggling Under Burden of Dollar-Denominated Taxes, Says Oyedele
The implementation, which went live on Monday, is expected to bring greater stability and clarity to Nigeria’s FX market.
Leave feedback about this
You must be logged in to post a comment.