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.
CLIENT UPDATE: REVISED GUIDELINES FOR THE NIGERIAN FOREIGN EXCHANGE MARKET (NFEM)
