Nigeria’s foreign exchange (FX) market is witnessing a historic turnaround as average daily turnover approaches $500 million, a sign that the authorities' sweeping reforms are boosting investor confidence. The nearly five-fold surge in liquidity follows a wave of market-driven reforms by the Central Bank of Nigeria (CBN), including the liberalisation of the exchange rate and the rollout of the Electronic Foreign Exchange Market System (EFEMS) last December. “This signals more liquidity in the market and means that the CBN may not necessar
Nigeria’s foreign exchange (FX) market is witnessing a historic turnaround as average daily turnover approaches $500 million, a sign that the authorities' sweeping reforms are boosting investor confidence. The nearly five-fold surge in liquidity follows a wave of market-driven reforms by the Central Bank of Nigeria (CBN), including the liberalisation of the exchange rate and the rollout of the Electronic Foreign Exchange Market System (EFEMS) last December. “This signals more liquidity in the market and means that the CBN may not necessar