Thomson Reuters launches Forex reporting solution for Central Bank of Nigeria

Thomson Reuters, the world’s leading source of intelligent information for business and financial professionals, last week launched its foreign exchange trade reporting solution for the Central Bank of Nigeria and FMDQ OTC PLC (FMDQ), a securities exchange and self-regulatory organization registered by the Securities and Exchange Commission (SEC), Nigeria.

The solution is enhancing the supervisory role of Nigeria’s regulators over the foreign exchange market and helping automate the regulatory reporting requirements of market stakeholders.

Thomson Reuters Market Tracker automates the tracking of foreign exchange market volumes and activity in real time. The Central Bank of Nigeria is the fifth central bank in Africa using this solution. Operational efficiency in the trading space is becoming a necessity given the fragmented nature of trading coupled with the increased regulatory requirements.

Dr Sarah Alade, Deputy Governor, Economic Policy Directorate, Central Bank of Nigeria, said: “We are delighted to announce the launch of this unique tracking service. The Central Bank of Nigeria successfully uses several services from Thomson Reuters, and these solutions will automate and enhance transparency of the entire trade lifecycle.”

Bola Onadele Koko, MD/CEO, FMDQ, said: “In line with its mission, FMDQ is committed to leading the revolution in the Nigerian Fixed Income and currency markets. In implementing the FMDQ “GOLD” (Global Competitiveness, Operational Excellence, Liquidity and Diversity) agenda for the transformation of our Nigerian markets, we are pleased to partner Thomson Reuters in the deployment of the Foreign Exchange Market Tracker Solution. In addition to other strategic initiatives and bespoke innovations being introduced by FMDQ to suit our markets, this Solution is expected to boost transparency, improve market credibility and sustain investor confidence”.

Sneha Shah, Managing Director, Africa, Thomson Reuters, said: “We have long been committed to the Nigerian market, having brought in the first financial information and trading systems to the market in the 1980s.

“We are very pleased to build on this strong relationship with our customers and their regulators. This step confirms Thomson Reuters role in promoting transparency and enabling financial markets across Africa. The solution will help regulatory stakeholders to improve their supervisory and intervention strategies and we are seeing strong demand from several other countries in the continent.”

To view the official release, click here (PDF).

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