Cardoso Highlights CBN's Drive for Fair and Efficient Markets with EFEMS

Sunday, 6 October 2024, 06:51

Cardoso emphasizes CBN's commitment to fair markets and efficiency. The implementation of EFEMS represents a significant shift in the foreign exchange landscape.
Tribuneonlineng
Cardoso Highlights CBN's Drive for Fair and Efficient Markets with EFEMS

CBN's Vision for Fair Markets

In a recent statement, Mr. Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), revealed that the Bank's commitment towards maintaining fair and efficient markets is pivotal. This commitment is exemplified through the implementation of the Electronic Foreign Exchange Matching System (EFEMS), which aims to revolutionize foreign exchange transactions.

Key Benefits of EFEMS

  • Efficiency: EFEMS is designed to enhance transaction speed.
  • Transparency: The system aims to provide clearer pricing mechanisms.
  • Accessibility: All market players will have equal access to foreign exchange.

Conclusion: Moving Forward

With the introduction of EFEMS, Cardoso envisions a more equitable marketplace that boosts investor confidence and stabilizes the economic environment. The CBN’s initiative reflects a proactive approach to addressing the dynamic needs of the currency market.


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.


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