December 24, 2024
CBN
CBN Reports Mixed Economic Outlook Amid Naira Depreciation Fears
Business News

CBN Reports Mixed Economic Outlook Amid Naira Depreciation Fears

  • December 20, 2024
PoS Operators Adjust Service Charges Amid CBN Cash Withdrawal Policy
News Today In the News

PoS Operators Adjust Service Charges Amid CBN Cash Withdrawal Policy

  • December 19, 2024
CBN Introduces ₦1.2m Daily Transaction Limit for PoS Agents
Business News

CBN Introduces ₦1.2m Daily Transaction Limit for PoS Agents

  • December 18, 2024
CBN's Cash Circulation Claims Questioned Amid Ongoing Scarcity
Business News

CBN’s Cash Circulation Claims Questioned Amid Ongoing Scarcity

  • December 17, 2024
Nigeria's Economy Contracts for Second Straight Month, CBN Report Reveals
Business News

Nigeria’s Economy Contracts for Second Straight Month, CBN Report Reveals

  • December 12, 2024
CBN Introduces Contact Channels for Cash Withdrawal Complaints
Business News

CBN Introduces Contact Channels for Cash Withdrawal Complaints

  • December 4, 2024
Federal Government Secures $2.2 Billion from Eurobond to Bolster 2024 Budget Financing
Business News

Federal Government Secures $2.2 Billion from Eurobond to Bolster 2024 Budget Financing

  • December 3, 2024
The Central Bank of Nigeria (CBN) has introduced a minimum trade value of $100,000 for interbank foreign exchange transactions conducted through the Electronic Foreign Exchange Matching System (EFEMS). The directive, dated 25 November 2024, was signed by Dr Omolara Duke, Director of the Financial Markets Department. The CBN stated that the move aims to enhance transparency, efficiency, and compliance within Nigeria’s foreign exchange market. To support this, Bloomberg’s BMatch has been designated as the official order-matching platform for interbank FX trading. The new rules also stipulate that the $100,000 minimum trade value will include incremental clip sizes of $50,000, allowing for flexibility in transaction sizes. The EFEMS is designed to streamline interbank forex trading, minimise counterparty risks, and enforce adherence to CBN regulations.
Business News News Today In the News

Nigeria’s Central Bank  Sets $100,000 Minimum for Interbank Forex Trading via Electronic Foreign Exchange Matching System

  • November 27, 2024
Nigeria’s Central Bank Raises Monetary Policy Rate to 27.50% to Tackle Inflation
Business News

Nigeria’s Central Bank Raises Monetary Policy Rate to 27.50% to Tackle Inflation

  • November 26, 2024
Enugu Residents Appeal to FG, CBN Over Worsening Cash Scarcity
News Today In the News

Enugu Residents Appeal to FG, CBN Over Worsening Cash Scarcity

  • November 20, 2024