The Dollar to Naira exchange rate in the black market rose to N1,600 per Dollar on Saturday, 14th December from N1,650 per Dollar it closed on Friday, 13th December 2024.
Operators via AbokiFX are buying the Dollar for as low as N1,620 and as high as N1,700.
This comes as the Central Bank of Nigeria (CBN)-backed Electronic Foreign Exchange Matching System (EFEMS) operations continue to impact the market.
The rate at the official market closed at N1,534 per Dollar as of December 13 according to quotes on the CBN website. This indicates a N9 gain day-on-day compared to the previous session’s N1,545/$1.
The CBN had on Monday, December 2, launched the Electronic Foreign Exchange Matching System (EFEMS), an electronic platform introduced to tackle speculation and improve transparency in Nigeria’s foreign exchange market.
In a circular announcing the EFEMS platform, the apex bank explained that it facilitates spot foreign exchange transactions between the naira and the US Dollar.
The platform, operated through Bloomberg’s BMatch system, requires a minimum trade value of $100,000, with incremental trade sizes of $50,000.
CBN also stated that the platform automatically matches buy and sell orders, promoting fairness and efficiency in FX trading.
The EFEMS system allows authorized dealers, including commercial banks, to place buy and sell orders in real time. This will help check speculations.
Transactions are automatically matched based on predetermined rules, ensuring swift execution and real-time visibility for market participants and regulators.