Part 2/8:
Umuena highlighted that the new platform introduced by the Central Bank is a significant innovation aimed at enhancing transparency in Nigeria's foreign exchange (FX) market. This platform allows users to observe live trades, including buying and selling rates from various commercial banks, similar to what one might encounter on a financial terminal like Bloomberg.
The implementation of this platform serves multiple purposes—primarily, it fosters transparency, enabling investors and businesses to have real-time information regarding the Naira’s trading rates. Such access is crucial as it grants businesses a clearer understanding of the FX market, which can facilitate better planning and operational decisions.