Naira to Finally Gain Massively against Dollar as CBN Commences FX Matching System [Video]

The new Electronic Foreign Exchange Matching System is expected to curb speculation and market distortions
The launch will bring about the anticipated recovery in the value of the naira across markets amongst other expectation
The use of EFEMS, according to experts, will ensure compliance with accepted norms that promote transparency and accountability

Legit.ng journalist Zainab Iwayemi has 5 years of experience covering the Economy, Technology, and Capital Market.

The CBN recently implemented a forex strategy, which was announced last month and confirmed over the weekend by CBN Governor Olayemi Cardoso.

The newly launched EFEM has a number of ramifications for all financial market segments that deal with forex. Photo Credit: CBNSource: UGC

The development has a number of ramification which includes the anticipated recovery in the value of the naira across markets.

With the launch of the Electronic Foreign Exchange Matching System (EFEMS), supported by the Central Bank of Nigeria (CBN), The Nation reported …