The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, said at the weekend the apex bank introduced the Electronic Foreign Exchange Matching System (EFEMS) to show that the financial regulator was serious about fair and efficient markets.
Cardoso stated this while addressing members of the Harvard Club of Nigeria in Lagos.
The apex bank introduced the FX matching system on October 3.
Speaking during the event, Cardoso reiterated that the CBN’s move was to enhance transparency and provide more accurate oversight of FX transactions.
He said: “Trust is the currency of central banking. If the public loses trust in the institution, the efficacy of its policies diminishes. Our decision to implement the Electronic Foreign Exchange Matching System (EFEMS) is rooted in this understanding.”
“By enhancing transparency and providing more accurate oversight of forex transactions, we send a strong signal that the CBN is serious about fair and efficient markets.”
He pointed out that the position of CBN governor requires tough decision and occasional unpleasant choices.
He stressed that the bank is a listening institution, and members of the management team are not scared to reconsider decisions if they fail to meet its original objectives.”
“In the face of economic challenges, it is imperative to focus on core objectives—restoring the credibility of the institution, building trust in the financial system, and, most critically, containing inflation.”
“These are not just strategic goals; they are foundational to any meaningful recovery, ” the CBN governor added.
