The Nigerian Spot FX Two-Way Quote Market Goes Live Post Revised CBN Guidelines Release

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The Nigerian Spot FX Two-Way Quote Market Goes Live Post Revised CBN Guidelines Release. Towards a vibrant, liquid and transparent FX market

Following the release of the revised Central Bank of Nigeria (CBN) Guidelines for the Operation of the Nigerian Inter-Bank Foreign Exchange (FX) Market, the two-way quote (2-WQ) inter-bank FX Market goes live on the platform of FMDQ OTC Securities Exchange (“FMDQ” or “the Exchange”), with the CBN’s Authorised Dealers (ADs) setting the pace for this market-driven trading window through the FMDQ Thomson Reuters Foreign Exchange Trading System (the System).

The Guidelines, which set out a single and autonomous inter-bank FX market structure for the nation, support the CBN’s desire to enhance efficiency and facilitate a liquid and transparent Nigerian FX market. The CBN will perform its role as a market intervention participant, in line with global standards, while market forces are left to determine demand and supply dynamics of the market. CBN FX Primary Dealers have also been introduced to help facilitate the CBN’s market interventionist role.

Through the FMDQ Thomson Reuters FX Trading System, a dealing solution for the FX trading value chain (ADs, Authorised Buyers, International Oil Companies, Oil Servicing Companies, Exporters, End-Users etc.), towards providing an enhanced user experience, improved market access and ultimately, credibility in the nation’s FX market, will be provided. The CBN ADs (as well as the FX Primary Dealers (FXPDs)) shall buy and sell FX among themselves on a two-way quote basis via the System, trade with the CBN, and will also offer one-way quotes (bid or offer) on requests-to-quote to other Authorised participants (Corporates, End-Users etc.).

According to Tumi Sekoni, Vice President & Divisional Head, Marketing & Business Development, “The inter-bank 2-WQ FX market will, through the concerted efforts of the over-the-counter (OTC) Exchange and all market participants, serve to endear an even greater investor confidence in the Nigerian FX market. With its potential to drive transparency and liquidity, FMDQ, through the System, is adequately equipped to provide a complete and consolidated marketplace for FX trading and reporting, offering market participants and regulators a robust and flexible set of tools to support the full trade workflow. The reforming of the 2-WQ inter-bank FX market brings about a lot of promise for the resuscitation of the Nigerian FX market and by extension the development of the nation’s economy.”

She further highlighted that the goal of FMDQ as the front-line market organiser for the OTC fixed income, FX and derivatives markets is to make the Nigerian financial market globally competitive, operationally excellent, liquid and diverse.

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