Emmanuel OchayiThe Central Bank of Nigeria (CBN) has ushered in a new era for the Nigerian Foreign Exchange (FX) market, announcing the retirement of the Investors’ and Exporters’ (I&E) FX Window.
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Join our WhatsApp ChannelIn a statement from the CBN, they introduced the Nigerian Autonomous Foreign Exchange Market (NAFEM) as the new standard nomenclature, explaining that “this move will harmonize the FX landscape and eliminate market segmentation.”
The switch from the I&E FX Window to NAFEM signifies more than just a name change. FMDQ Securities Exchange Limited (FMDQ Exchange), a prominent player in Nigeria’s financial market, has taken a proactive role in revising references across systems and documentation, extending this change to future market-related communications.
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The impact of this development is profound. Market participants, investors, exporters, and financial institutions will now need to adapt to NAFEM as the single, unifying term for Nigeria’s FX market.
This policy shift by the CBN aims to create a more transparent, consistent environment, offering a deeper understanding of FX market operations and regulations.
As Nigeria’s financial ecosystem evolves, stakeholders must ensure they are in sync with this transition, updating their internal systems and documentation accordingly to align with NAFEM’s dawn.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
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