I & E Market Now Known As NFEM

UPDATE: The Central Bank of Nigeria has cancelled I & E window after the unification of all the exchange rate windows. It is now known as Nigerian Foreign Exchange Market (NFEM).

The latest development followed the decision of Nigeria’s apex bank to abolish multiple exchange rates into the I&E FX Window on Wednesday, June 14, 2023.

Before the name change, the I&E FX window was the market trading segment for investors, exporters and end-users that allows for foreign exchange trades to be made based on prevailing market circumstances.

I&E Window was established on April 21, 2017, by the Central Bank of Nigeria (CBN). All official foreign exchange rates now hold on the Investors and Exporters (I&E) window.

This means that the I & E exchange rate is what “willing buyer and willing seller” FX are ready to trade even.

Eligibility to participate in I & E Window:

All customers that are FX end users
The source of funds must be inflow (Cash is not allowed)

Benefits:

Competitive market rate
Opportunity to quote your own selling rate (willing buyer and willing seller)
You must have an active domiciliary account
An instruction authorizing the transaction.
Foreign currency inflows in a customer’s domiciliary account

How does it work?

The new FX policy was adopted by the apex bank to ensure an efficient and effective price discovery in the Nigerian FX market.

If Mr A wants to sell $1 at NGN750 and finds Mr B who is ready to buy at that price, that be it, that’s exactly how the I & E Exchange Rate works.

The I & E Exchange FX trading is available from Monday to Friday

On this page, you will get the daily I & E rate. Earlier, we told you that it is now possible to trade (buy and sell) FX with banks in Nigeria, that is, if you’re credited in Dollars, Pounds, or EUR you can decide to sell the FX funds to your bank.

Already, Guaranty Trust Bank (GTBank) has activated this option on its Internet banking platform (web portal), making GTB $/NGN rate the best at the time of this report. For now, it is not available on the bank’s banking app.