CBN Fixes $100,000 Minimum Trade For Banks On Forex Platform

The Central Bank of Nigeria (CBN) has established a minimum transaction value of $100,000 for interbank foreign exchange trading through the Electronic Foreign Exchange Matching System (EFEMS).

The guidelines document read, “All trades consummated on EFEMS are binding unless canceled by mutual agreement of both parties with written approval from the CBN.

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“The minimum tradable amount is US$100,000.00, with incremental clip sizes of US$50,000.00.

“Participants must set credit and settlement limits for other counterparties in the system. Transactions exceeding these limits will not be executed.

“Participants must have adequate credit and settlement limits set for the CBN as its counterparty bank.

“Participants are required to comply with the Nigerian Foreign Exchange Code and other CBN regulations.”

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