Economy
FX platform: CBN sets $100,000 minimum trade for banks
- /home/naijuinz/public_html/wp-content/plugins/mvp-social-buttons/mvp-social-buttons.php on line 27
https://naijablitznews.com/wp-content/uploads/2024/02/CBN.jpg&description=FX platform: CBN sets $100,000 minimum trade for banks', 'pinterestShare', 'width=750,height=350'); return false;" title="Pin This Post">
- Share
- Tweet /home/naijuinz/public_html/wp-content/plugins/mvp-social-buttons/mvp-social-buttons.php on line 72
https://naijablitznews.com/wp-content/uploads/2024/02/CBN.jpg&description=FX platform: CBN sets $100,000 minimum trade for banks', 'pinterestShare', 'width=750,height=350'); return false;" title="Pin This Post">
The Central Bank of Nigeria has issued fresh guidelines for interbank foreign exchange trading via the Electronic Foreign Exchange Matching System, mandating a minimum trade value of $100,000.
The directive, dated 25 November 2024 and signed by Dr Omolara Duke, CBN’s Director of the Financial Markets Department, is part of efforts to ensure transparency, efficiency, and compliance within Nigeria’s FX market.
According to a new set of guidelines released by the CBN on Tuesday, the EFEMS is designed to streamline interbank FX trading, reduce counterparty risks, and ensure adherence to CBN regulations.
The apex bank has designated Bloomberg’s BMatch as the official order-matching platform for interbank transactions, with trading hours set between 9:00 am and 4:00 pm West Africa Time on business days.
One notable provision in the guidelines is the enforcement of a $100,000 minimum tradable amount, with incremental clip sizes of $50,000.
The EFEMS is also limited to spot FX transactions involving the Nigerian naira and the United States dollar.
The CBN, however, retains the discretion to introduce other currency pairs when deemed necessary.
The guidelines document read, “All trades consummated on EFEMS are binding unless canceled by mutual agreement of both parties with written approval from the CBN.
“The minimum tradable amount is US$100,000.00, with incremental clip sizes of US$50,000.00.
“Participants must set credit and settlement limits for other counterparties in the system. Transactions exceeding these limits will not be executed.
“Participants must have adequate credit and settlement limits set for the CBN as its counterparty bank.
“Participants are required to comply with the Nigerian Foreign Exchange Code and other CBN regulations.”
Participation in the EFEMS is limited to authorised dealer banks licensed by the CBN, while other institutions wishing to join the platform must first obtain prior approval.
Participants are also required to execute agreements with the CBN-approved platform provider, maintain accurate profiles, and operate within prescribed credit and settlement limits.
Withdrawal from the platform must be preceded by a 30-day notice, along with the resolution of any outstanding obligations.
Also, trades conducted via the platform will remain anonymous until matched. Counterparty details will only be revealed once transactions are concluded, in line with settlement protocols.
Transactions exceeding set limits or conducted outside EFEMS parameters must be reported promptly and logged onto the FX blotter within 10 minutes.
The CBN emphasised that it will closely monitor all transactions on EFEMS to ensure market integrity and transparency.
Participants are required to submit daily reports detailing trade volumes, settlement statuses, and counterparties.
The central bank also reserves the right to publish aggregated or disaggregated trade data for market analysis, subject to confidentiality agreements.
Any violations of the EFEMS guidelines or related regulations will attract strict penalties, including the suspension or revocation of access rights.
The CBN further stated that it will periodically review the platform’s operations to ensure efficiency and compliance with its directives.
In a separate document on Tuesday, the CBN announced that the Bloomberg BMatch system will officially go live as the EFEMS for foreign exchange trading on December 2, 2024.
The CBN outlined that all authorised dealers and banks in the interbank FX market are required to deploy the Bloomberg BMatch system for their trading activities.
The system aims to ensure uniformity and seamless trading among market participants while enabling the CBN to effectively monitor market performance and data management.
The central bank urged banks to liaise with Bloomberg representatives to expedite the onboarding process and address any technical or operational issues promptly.
The Central Bank of Nigeria (CBN) has announced that it will be paying closer attention to how banks and other financial institutions in the country are being used, or misused, to move money that could fund terrorism.
In a statement signed by Hakama Sidi-Ali, Acting Director of the apex bank’s Corporate Communications and Investor Relations Department on Tuesday, the CBN said it has made terrorism financing supervision one of its current priorities. According to the statement, this is part of the bank’s “ongoing commitment to protecting the Nigerian financial system from abuse by illicit actors.”
What this means in plain terms is that the CBN will be looking more closely at how banks identify and manage the risk of their platforms being used to fund terrorism, how well they monitor suspicious transactions linked to terrorism financing, how they carry out sanctions ordered against specific individuals or groups, and how promptly they report suspicious activity connected to terrorism financing.
The statement explained that this new push covers four broad areas: how financial institutions manage terrorism financing risk, how they monitor transactions for signs of terrorism financing, how they carry out targeted financial sanctions, and how they report suspicious transactions linked to terrorism.
The apex bank said it will not be sitting back and waiting for problems to surface on their own. Instead, it plans to use a risk-based approach, which means banks and institutions seen as more exposed to this kind of risk will attract closer attention.
This will involve both on-site inspections, where CBN officials visit institutions directly, and off-site checks, where the bank reviews reports and data from a distance.
The goal, the statement said, is to support “effective Anti-Money Laundering, Countering the Financing of Terrorism and Countering Proliferation Financing (AML/CFT/CPF) controls across the financial sector,” referring to the fight against money laundering, terrorism financing, and the financing of weapons proliferation, all of which are governed by existing Nigerian laws and regulations.
The CBN also linked this move to Nigeria’s wider efforts, both at home and internationally, to fight terrorism financing and the financing of weapons proliferation, and to protect the integrity of the country’s financial system.
The apex Bank did not name any specific institution under investigation or give a timeline for these actions, but noted that “further supervisory engagement will be undertaken as appropriate,” suggesting that more steps could follow depending on what its checks turn up.
For the ordinary Nigerian, the announcement signals that the CBN wants banks to be more careful and more accountable in how they track the movement of money through the financial system, particularly where there is any possible link to terrorism or the funding of violent groups.
It is also a reminder that financial institutions operating in Nigeria are expected to follow strict rules designed to keep the banking system safe from being used for illegal purposes.
The Federal Government has approved a new pensionable salary structure for personnel of the Nigerian Armed Forces.
The new structure affects personnel in the Nigerian Army, Nigerian Navy and Nigerian Air Force and took effect from September 1, 2026.
The approval was contained in a circular issued on September 3 by the National Salaries, Incomes and Wages Commission.
Under the new arrangement, Generals, Admirals and Air Chief Marshals occupy the highest level, with their annual pensionable salaries ranging from ₦21.9 million to ₦29.75 million, depending on their salary steps.
The highest figure works out to roughly ₦2.48 million per month when divided by 12.
Lieutenant Generals, Vice Admirals and Air Marshals will have annual pensionable salaries between ₦16.99 million and ₦25.91 million.
Major Generals, Rear Admirals and Air Vice Marshals will receive pensionable salaries ranging from about ₦14.98 million to ₦23.9 million annually.
For Brigadier Generals, Commodores and Air Commodores, the approved annual pensionable figures range from ₦13.86 million to ₦16.39 million.
Colonels, Captains and Group Captains will have annual pensionable salaries between ₦8.31 million and ₦9.49 million, while Lieutenant Colonels, Commanders and Wing Commanders will fall between ₦7.55 million and ₦8.74 million.
Majors, Lieutenant Commanders and Squadron Leaders will have pensionable salaries ranging from ₦5.99 million to ₦7.01 million annually.
Captains, Lieutenants and Flight Lieutenants will receive between ₦5.28 million and ₦6.42 million.
At the junior officer level, Second Lieutenants, Midshipmen and Pilot Officers will have annual pensionable salaries ranging from ₦4.92 million to ₦5.59 million.
The new structure also covers non-commissioned personnel.
Warrant Officers across the three services will have annual pensionable salaries between ₦4.53 million and ₦5.17 million, while Master Warrant Officers will receive between ₦3.94 million and ₦4.93 million.
Warrant Officers will have annual pensionable salaries ranging from ₦3.46 million to ₦4.35 million. Staff Sergeants, Petty Officers and Flight Sergeants will have figures between ₦2.98 million and ₦3.76 million.
Sergeants and Leading Seamen will have annual pensionable salaries ranging from ₦2.81 million to ₦3.16 million, while Corporals and Able Seamen will receive between ₦2.48 million and ₦2.73 million.
Lance Corporals and Seamen will have pensionable salaries between ₦2.32 million and ₦2.58 million annually.
Privates, Ordinary Seamen and Aircraftmen will have figures ranging from ₦2.28 million to ₦2.49 million.
The government clarified that the amounts contained in the new schedule are meant for calculating pension benefits.
They should not be treated as the actual monthly salaries or take-home pay of serving military personnel.
Dollar To Naira Exchange Rate Today 27 January 2023(Black Market)
The Black Market Dollar-to-Naira Exchange Rate for 8th September 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.
The exchange rate fluctuates hourly based on the supply and demand of dollars in the market.
What’s the dollar to naira black market today, 8th September 2026?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1405 and buy at ₦1395 on Tuesday, 8th September, 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 ₦1405
Buying Rate ₦1395
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1320
Lowest Rate ₦1326
Radda presents N828.6bn 2027 budget to Katsina Assembly
Osun poll: APC files withdrawal notice over controversial petition
UNIZIK lecturers declare indefinite strike over non-payment of August salary
-
News21 hours agoTinubu Is Beatable in 2027, I Know Him Well — Makinde’s Running Mate, Daura
-
News24 hours agoFake agency sagas: Ministers, DGs face fresh hurdles over foreign trips
-
News19 hours agoAlleged defamation: El-Rufai’s lawyers demand ₦10bn from Defence minister, Musa
-
News19 hours agoSad! Newborn Reportedly Dies After Mom Allegedly Refuses Breastfeeding Over Unfulfilled ‘Push Gift’
-
News20 hours agoFormer Lagos Banker Sentenced to Death for Husband’s Murder and Mutilation
-
News21 hours agoCrocodile Handler Dies After Being Mauled at Papua New Guinea Wildlife Park
-
News16 hours agoTinubu Govt Tightens Foreign Travel Rules, Ministers, Security Chiefs Need SGF Clearance
-
News20 hours agoFG moves to terminate Benin-Asaba road concession over contract breaches
Warning: Undefined variable $user_ID in /home/naijuinz/public_html/wp-content/themes/zox-news/comments.php on line 49
You must be logged in to post a comment Login