CBN Unveils Electronic Transactions for Foreign Exchange Market
Thursday, 3 October 2024, 12:06
CBN Implements Electronic Transactions in Foreign Exchange Market
The Central Bank of Nigeria (CBN) is set to launch a groundbreaking system for electronic transactions in the foreign exchange market. This initiative aims to facilitate more efficient trading and increase the transparency of transactions.
Key Features and Timeline
- Test Run: A two-week trial period will occur in November.
- Launch Date: Full implementation is scheduled for December 1, 2024.
The CBN's proactive approach signifies a major shift in how currency exchanges will be conducted, fostering greater liquidity and less friction in the foreign exchange landscape.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.