Central Bank of Nigeria launches Electronic Matching System on Bloomberg’s FXGO for the Interbank Foreign Exchange Markets

Abuja, Nigeria – The Central Bank of Nigeria has announced it will adopt Bloomberg’s BMatch solution for interbank trading in the local foreign exchange markets.

Bloomberg’s Foreign Exchange Electronic Trading Platform (FXGO) BMatch solution will offer spot matching functionality to the local interbank community for US Dollar against the Nigerian Naira. BMatch allows anonymous orders to be placed into a central limit order book, which are displayed and then matched with counterparty orders based on mutual trading limits and other parameters configured by each bank. The solution can be integrated with banks’ middle and back-office systems. Consolidated trade statistics can also be calculated and made available to the market.

“We are pleased to partner with Bloomberg at this critical phase of the FX market reforms being undertaken by the Central Bank of Nigeria (CBN) to enhance the price discovery process with the adoption of the Bloomberg BMatch, a more efficient FX pricing system in the market”, said Dr. Omolara Omotunde Duke, Director of Financial Markets of CBN. “The BMatch will provide a robust oversight function for the central bank’s market surveillance activities and deliver better transparency on the prevailing market determined exchange rate. This will be supported by the adoption of the Nigeria FX Code by market participants to promote ethical FX market activities.”

“We are proud to support the Central Bank of Nigeria with our tailored BMatch solution and deliver with it increased transparency, liquidity and efficiency for the Nigeria FX markets.” said Tod Van Name, Bloomberg’s Global Head of FX Electronic Trading.

FXGO is Bloomberg’s premier multi-bank FX trading solution providing access to deep liquidity through real-time pricing, powerful workflow solutions and sophisticated analytics for price takers across the globe to negotiate FX transactions with their bank relationships. FXGO provides streaming or RFQ for spot, outrights, swaps, NDFs, deposits, precious metals and options in any currency pair and tenor, along with access to algorithmic order solutions offered by more than 30 top providers. FXGO also integrates with multiple third-party order management, treasury management and accounting systems and facilitates straight-through processing (STP) in a variety of flexible formats, creating a seamless and efficient investment workflow.

About Bloomberg

Bloomberg is a global leader in business and financial information, delivering trusted data, news, and insights that bring transparency, efficiency, and fairness to markets. The company helps connect influential communities across the global financial ecosystem via reliable technology solutions that enable our customers to make more informed decisions and foster better collaboration. For more information, visit Bloomberg.com/company or request a demo.

Media Contacts

MEA, Mona Saleh, msaleh39@bloomberg.net