Payment Systems

Structure of Nigeria's Foreign Exchange Market

The Nigerian foreign exchange market has witnessed tremendous changes. The Second-tier Foreign Exchange Market (SFEM) was introduced in September, 1986, the unified official market in 1987, the autonomous Foreign Exchange Market (AFEM) in 1995, and the Inter-bank Foreign Exchange Market (IFEM) in 1999.

Bureaux de Change were licensed in 1989 to accord access to small users of foreign exchange and enlarge the officially recognised foreign exchange market. Exchange rates in the Bureaux de Change are market determined. A parallel market for foreign exchange has been in existence since the exchange control era. It has been established that scarcity in the official sector and bureaucratic procedures necessitated the growth and development of the parallel market.

Facts : 1/1/1966
Central Bank of Nigeria, Enugu Branch:In the year 1966, The Central Bank of Nigeria Branch in Enugu was opened.It was the fourth Central Bank Branch that was established, bringing to 4, the number of Central Bank offices in Nigeria at that time.
See All: Facts \| Events

Central Bank of Nigeria:: Did You Find --> Central Bank of Nigeria:: Key Index

Icon Key
	Print out page
	Refer page to a friend
	Go to top of page
	Definition of word
	frequent questions on topic
	Make us your homepage
	Export data to Excel