Onboarding Corporates on FMDQ-Advised FX Trading & Surveillance Systems

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Monday, July 11, 2016/ 8.41am / CBN

In furtherance of its efforts in engendering transparency and professionalism in the Nigerian foreign exchange market, the Central Bank of Nigeria (CBN) hereby directs that all FX-related trades by Authorised Dealers (Banks) and Corporate Institutions in the Nigerian FX market, with effect from Monday, August 1, 2016, must be executed through the FMDQ-advised FX Trading, Auction & Surveillance Systems. 

Therefore, all Authorised Dealers (i.e. Banks) are to execute all FX trades among themselves and with their clients (i.e Corporate Instituitions) through the FMDQ-advised FX Systems. The deployment of the FMDQ-advised FX systems will only be to those Corporates that have been screened and pre-approved by FMDQ in line with its on-boarding eligibility criteria.

All Authorised Dealers and Corporate Institutions operating in the Nigerian foreign exchange market are to ensure strict compliance. 

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