The Central Bank of Nigeria (CBN) has instructed banks participating in the interbank foreign exchange market to implement the Bloomberg BMatch system, effective December 2nd, 2024.
This move, according to the apex bank, aims to ensure uniformity and seamless trading among market participants.
The Bloomberg BMatch platform is designed to enhance the integrity and operational efficiency of the forex market. It provides transparent and automated matching of trades, leading to market efficiency and greater price discovery.
To facilitate a smooth transition, banks are advised to acquire the necessary technology and resources to integrate with the Bloomberg BMatch system. They must also train relevant personnel to operate and manage the platform effectively.
The CBN has emphasized the importance of full compliance with operational guidelines and standards associated with the platform. Banks are encouraged to liaise with Bloomberg representatives to address any technical or operational concerns promptly.
The adoption of the Bloomberg BMatch system is part of the CBN’s efforts to transform the country’s foreign exchange market. Similar systems have been successfully implemented in other countries, such as Kenya, where the Central Bank of Kenya has integrated Bloomberg’s Electronic Matching System (EMS) for interbank trading.
By implementing the Bloomberg BMatch system, the CBN aims to promote market efficiency, transparency, and accountability in the forex market.