Economy
CBN introduces electronic FX matching system for transactions
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In a major shift aimed at reforming the Nigerian Foreign Exchange Market (NFEM), the Central Bank of Nigeria (CBN) has announced the introduction of the Electronic Foreign Exchange Matching System (EFEMS) for foreign exchange (FX) transactions.
This digital platform is expected to improve the governance and transparency of the interbank FX market with full implementation set for December 1, 2024.
In a circular addressed to Authorised Dealers on Thursday, Dr. Omolara O. Duke, the Director of the CBN’s Financial Markets Department, outlined the details of the system.
According to the circular, a two-week test run of the EFEMS will be conducted in November 2024 before the official launch in December.
The test run aims to ensure that Authorised Dealers and relevant market participants are familiar with the system and that all technical aspects are fully integrated before going live.
Once operational, all FX transactions in the interbank market will be conducted on this electronic system, which has been approved by the CBN.
Transactions will be reflected immediately in real time, providing better transparency to market participants.
The system is also expected to reduce speculative activities that often distort the market and give the CBN improved oversight to regulate the market effectively.
The new EFEMS is poised to enhance the governance of the Nigerian FX market as the CBN has framed EFEMS as a tool that will improve transparency, thereby fostering a market-driven exchange rate.
In her statement, Dr. Duke emphasised the system would “facilitate a market-driven exchange rate that will be accessible to the public.”
By publishing real-time prices and buy/sell orders data, EFEMS will make it easier for market participants, including businesses and individuals, to access reliable information on FX rates. This development is expected to address the lack of transparency that has plagued the FX market, leading to more informed decision-making by market players. In addition, it will allow the CBN to have an enhanced supervisory role, as the system will provide improved monitoring capabilities.
The introduction of EFEMS comes as part of the CBN’s broader effort to curb speculative activities that often distort the true value of the Nigerian naira. Speculation in the FX market has led to significant volatility, contributing to a widening gap between the official and parallel market rates. By introducing a system that ensures real-time transparency, the CBN hopes to limit the ability of speculators to manipulate market prices for personal gain.
The EFEMS will also work toward eliminating market distortions by streamlining the FX transaction process. As all transactions will be conducted electronically, the risk of delays or discrepancies between quoted rates and actual transaction prices will be significantly reduced.
In order to ensure a smooth rollout of the EFEMS, the CBN has partnered with the Financial Markets Dealers Association (FMDA).
Together, they will publish the operating rules for the EFEMS, which will guide the market participants in conducting FX transactions. In addition, the Nigerian FX Code and revised Market Operating Guidelines for the NFEM will provide further guidance to market participants, ensuring adherence to the highest standards of practice.
The FMDA will also play a key role in ensuring that Authorised Dealers comply with the operational requirements of the new system. This includes ensuring that the necessary documentation, training, and system integrations are completed ahead of the December 1st go-live date.
The CBN’s directive places significant responsibility on Authorised Dealers, who are required to comply with all existing guidelines and regulations governing the NFEM. As part of their obligations, they must ensure that their systems are fully integrated with the EFEMS platform before the implementation date.
Dealers are also mandated to complete training on the use of the EFEMS to ensure that all market participants are well-prepared for the transition. This move is critical in preventing any operational disruptions during the switchover to the new system.
The introduction of EFEMS comes at a time when the Nigerian economy is facing significant currency pressures due to external and internal factors. The CBN’s initiative is expected to provide stability to the Nigerian naira by curbing market speculation, which has contributed to exchange rate volatility.
With enhanced transparency and real-time access to FX market data, businesses will be better equipped to plan and manage their foreign exchange needs, reducing the uncertainty that has been a hallmark of the Nigerian FX market in recent years. Furthermore, the public will have greater access to FX market information, enabling individuals and businesses to make more informed decisions.
By implementing EFEMS, the CBN aims to create a more efficient and transparent market that aligns with global best practices. If successful, the system could serve as a model for other emerging markets grappling with similar challenges in their FX markets.
Economy
Oyedele Delivers ₦39.63bn Lifeline to 24,814 Pensioners as PTAD Clears Long-Standing DBS Liabilities
L:R: Director General of PTAD, Mrs Tolulope Odunaiya in a warm handshake with the Minister of Finance, Mr Taiwo Oyedele in Abuja.
The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, has reaffirmed his commitment to improving the welfare of Nigerian pensioners with the successful disbursement of ₦39.63 billion to 24,814 eligible Defined Benefit Scheme (DBS) pensioners, ending years of anxious waiting for thousands of retirees.
Working under the supervision of the Federal Ministry of Finance, the Pension Transitional Arrangement Directorate (PTAD) carried out the payments following the Minister’s directive to prioritise the settlement of verified pension liabilities, bringing relief to beneficiaries across the country.
Mr. Oyedele said the payment reflects the administration’s determination to ensure that retired public servants receive the benefits they earned through decades of dedicated service.
“A nation that values service must also honour those who gave their productive years in its service. This payment is about people, not just figures. It is about restoring confidence, rewarding sacrifice and giving thousands of pensioners and their families the reassurance that they have not been forgotten.”
The Minister explained that the disbursement covered three categories of outstanding pension obligations that had accumulated over the years.
According to him, PTAD paid ₦25,053,703,604.12 to clear the outstanding 35-month pension liability owed to 9,675 eligible Defined Benefit Scheme pensioners of the defunct NITEL/MTEL.
The Directorate also disbursed ₦9,481,886,576.53, representing the initial 50 per cent payment of the Back End Computation (BEC) arrears due to 3,959 eligible PHCN Defined Benefit Scheme pensioners.
In addition, PTAD paid ₦5,094,784,054.27, representing the outstanding 50 per cent balance of the 10.66 per cent and 12.95 per cent pension increment arrears due to 11,180 eligible Defined Benefit Scheme pensioners of the defunct Assurance Bank, NICON Insurance, NITEL and People’s Bank of Nigeria.
For many of the beneficiaries, the payments mark the end of years of uncertainty. They provide the means to meet pressing family needs, pay medical bills, support loved ones and enjoy retirement with greater peace of mind.
Mr. Oyedele said government remains mindful of the real lives behind every pension payment.
“Behind every approved payment is a retiree who served this country faithfully, a family that has waited patiently and a story that deserves a positive ending. We will continue to support measures that improve the lives of our senior citizens while maintaining fiscal discipline and accountability.”
The Minister commended the management and staff of PTAD for the prompt implementation of the directive, describing the successful disbursement as evidence of what can be achieved when institutions work together in the public interest.
“PTAD has demonstrated professionalism in implementing this exercise. The Ministry will continue to provide the policy direction and support required to strengthen pension administration and ensure that verified obligations are settled as resources become available.”
The Director-General of PTAD, Mrs. Tolulope Odunaiya, said the Directorate remained focused on delivering efficient pension administration and expressed appreciation to the Honourable Minister for his leadership and support, which made the release and prompt disbursement of the funds possible.
The latest payment represents another important step in the Federal Government’s efforts to improve the welfare of retirees and ensure that public institutions deliver meaningful outcomes for Nigerians under President Bola Ahmed Tinubu’s Renewed Hope Agenda.
The Black Market Dollar-to-Naira Exchange Rate for 3rd July 2026 Can Be Accessed Below.
NOTE: The exchange rate changes hourly. It depends on the volume of dollars available and the Demand. This means…you can buy or sell 1 dollar at a certain rate, and the price can change (high or low) within hours.
The official naira black market exchange rate in Nigeria today, including the Black Market rates, Bureau De Change (BDC), and CBN rates.
Please note that the exchange rate is subject to hourly fluctuations influenced by the supply and demand of dollars in the market.
What’s the dollar to naira black market today, 3rd July 2026?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1408 and buy at ₦1396 on Friday, 3rd July, 2026, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Selling Rate ₦1408
Buying Rate ₦1396
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1373
Lowest Rate ₦1360
The Black Market Dollar-to-Naira Exchange Rate for 1st July 2026 Can Be Accessed Below.
NOTE: The exchange rate changes hourly. It depends on the volume of dollars available and the Demand. This means…you can buy or sell 1 dollar at a certain rate, and the price can change (high or low) within hours.
The official naira black market exchange rate in Nigeria today, including the Black Market rates, Bureau De Change (BDC), and CBN rates.
Please note that the exchange rate is subject to hourly fluctuations influenced by the supply and demand of dollars in the market.
What’s the dollar to naira black market today, 1st July 2026?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1400 and buy at ₦1390 on Wednesday, 1st July, 2026, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Selling Rate ₦1400
Buying Rate ₦1390
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1385
Lowest Rate ₦1376
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