The Central Bank of Nigeria (CBN) says it sold a total of $543.5 million in the Nigerian foreign exchange market (NFEM) to authorised dealer banks in September.

In a statement signed by Omolara Duke, director of, financial markets department, on Friday, CBN said the foreign exchange (FX) was sold to the authorised dealers from September 6 to 30 in 11 dealing days.

“The Central Bank of Nigeria (CBN) sold a total of US$543.5 million (Five Hundred and Forty- Three Million, Five Hundred Thousand US Dollars Only) from September 06-30, 2024, to Authorized Dealer banks through two-way quotes at the Nigerian Foreign Exchange Market (NFEM) on 11 dealing days,” CBN said.

“The FX spot sales were to reduce observed market volatility driven by high demand for commodity importation and seasonal demand for FX. The value dates for all the transactions. were T+2.”

A breakdown summary of the sale shows that on September 6, $39,000,000 was sold at a range of N1,580-N1,605/$.

On September 9, $66,000,000 was sold at a range of N1,570-N1,585/$; on September 11, $77,000,000 was sold at a range of N1,540-N1,575/$; while on September 13, $46,000,000 was sold at a range of N1,540-N1,575/$.

Also, on September 18, $24,000,000 was sold at a range of N1,530-N1,540/$; on September 19, $28,000,000 was sold at a range of N1,540-N1,555/$; on September 20, $31,000,000 was sold at a range of N1,540/-N1,545/$; and on September 23, $17,500,000 was sold at N1,540/$.

More sales were made on September 26, with $80,000,000 sold at a range of N1,570-N1,580/$; on September 27, $79,000,000 was sold at a range of N1,530-N1,580/$; and on September 30, $56,000,000 was sold at the range of N1,540/S.

The apex bank said the information on the sale is to educate and provide guidance to the general public on the pricing of FX by taking a clue from the range of rates at which FX was sold by the CBN to authorised dealer banks.

CBN also said it will continue to facilitate the supply of FX into the NFEM as part of its holistic FX management strategy.

On August 11, the CBN said it sold foreign exchange (FX) to banks worth $876.26 million at N1,495 per dollar.

Two months ago, the apex bank sold foreign currencies worth $148 million in the NFEM to authorised dealer banks between July 22 and 23.

Zenith Bank on Thursday said it has made progress in its IT upgrade which disrupted its banking services for over 48 hours, adding that its customers can now transact across its various channels.

The bank announced this via a statement posted on its X handle.

Zenith also apologized to its customers over the disruption saying it was in a bid to serve them better.

According to the bank, its customers can now perform transactions through their debit cards, mobile app, internet banking, and through its agents nationwide.

The Zenith Bank’s statement suggests that the IT upgrade has yet to be completed as the bank only said it has made ‘significant progress’. The statement read in part:

“We sincerely apologize for the service disruptions you experienced recently on our banking channels. This was due to an Information Technology upgrade aimed at improving the quality of service we provide you. 

“We have made significant progress with the upgrade and you can now perform transactions conveniently. You can also visit any of our branches nationwide to perform your transactions.” 

Recall that Zenith Bank had on Tuesday, October 1, notified its customers of a routine maintenance that would cause service disruptions for a few hours.

However, contrary to the promise by the bank that transactions would resume after 2.30 pm on the same day, the customers could not have access to their funds for over 48 hours after.

The period, which also coincided with salary payments left many salary-earning customers of the bank stranded as they could not withdraw.

Meanwhile, earlier reports suggested that Zenith Bank was doing more than IT maintenance but migrating its core banking platform to a new one. The bank did not confirm nor deny the report.

Zenith Bank, which previously used Phoenix, a software developed by London-based Finastra, is reportedly migrating to Oracle’s Flexcube, a platform used by many other Nigerian banks.

For banks, switching their core banking software is a significant change that requires transferring large amounts of data and more rigorous action than regular IT maintenance.

Tier-1 Zenith Bank was one of the biggest earners from electronic transactions in half-year 2024, according to its financial results.

The bank generated N41.2 billion in half-year 2024, a remarkable 85.6% increase from the N22.2 billion it earned in H1 2023.

• For the period, the bank also upped its IT spending from N8.6 billion in the first half of 2023 to N23 billion in half-year 2024, representing a 167% increase.
• However, the recent disruption in services for days may see its electronic transactions revenue decline in Q4 2024.

The Central Bank of Nigeria (CBN) has announced the introduction of an electronic foreign exchange matching system (EFEMS).

In a circular on Thursday, Omolara Duke, CBN director, financial markets department, said the system, which is for FX transactions, would be implemented no later than December 1.

CBN said there would be a 2-week test run in November.

“Authorised Dealers would subsequently conduct all foreign exchange transactions in the interbank Fx market on the Electronic Foreign Exchange Matching System approved by the CBN where transactions will be reflected immediately,” CBN said.

“The new system is expected to enhance governance, transparency and facilitate a market-driven exchange rate that will be accessible to the public.

“This development is expected to reduce speculative activities, eliminate market distortions and give the CBN improved oversight capabilities to effectively regulate the market.”

The CBN said it would publish real-time prices and buy/sell order data from the system.

In partnership with the Financial Markets Dealers Association (FMDA), the bank said it would publish the rules for the EFEMS.

“The Nigerian FX Code and revised Market Operating Guidelines for the Nigeria Foreign Exchange Market will also provide guidance to market participants,” CBN said.

Therefore, the apex bank said authorised dealers are required to abide by extant guidelines and regulations governing the FX market.

CBN also asked authorised dealers to ensure that all necessary documentation, training, and systems integrations are concluded before the go-live date.