The Nigerian Autonomous Foreign Exchange Market (“NAFEM”) is the market trading segment for Investors, Exporters and End-users that allows for FX trades to be made at exchange rates determined based on prevailing market circumstances, thus ensuring efficient and effective price discovery in the Nigerian FX market. The NAFEM was established by the Central Bank of Nigeria (“CBN”) via a circular dated April 21, 2017 (Click here to view CBN circular).