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ARTICLE · 07 JANUARY 2025

Client Update: Revised Guidelines For The Nigerian Foreign Exchange Market (NFEM)

Stren and Blan Partners
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The Central Bank of Nigeria (CBN) in a circular dated 29 November 2024, issued the Revised Guidelines for the Nigerian Foreign Exchange Market ("NFEM") (the "Guidelines")...

NigeriaFinance and Banking
Ozioma Agu
Ozioma Agu
David Olajide
David Olajide

The Central Bank of Nigeria (CBN) in a circular dated 29 November 2024, issued the Revised Guidelines for the Nigerian Foreign Exchange Market (“NFEM”) (the “Guidelines”), marking a significant shift in how foreign exchange transactions are to be conducted in Nigeria. This development comes as part of the CBN's strategy to consolidate all windows within the official foreign exchange market and deepen the overall market structure.

The CBN has introduced the Guidelines to deepen the market, streamline its operations, and enhance transparency for participants. These revised Guidelines supersede previous regulatory frameworks and consolidate all FX windows into a unified official market.

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