The Central Bank of Nigeria (CBN) has approves the Nigerian Foreign Exchange (FX) Code to promote ethical practices and transparency in the country’s foreign exchange market.
According to a statement on the CBN’s website, the Code will serve as a key guideline for the banking sector, ensuring that authorized dealers maintain high standards of professionalism and integrity in FX transactions.
The CBN highlighted that introducing the FX Code is part of its broader efforts to stabilize and strengthen the integrity of Nigeria’s FX market.
The Code will provide clear expectations for market participants, fostering a fair and transparent trading environment. This initiative comes at a critical time, as the Nigerian FX market has faced challenges such as currency devaluation and irregularities in FX transactions, impacting businesses and investors alike.
“The Central Bank of Nigeria has approved the release of the Nigerian Foreign Exchange (FX) Code as a guideline to the banking industry to promote ethical conduct of Authorized Dealers in the Nigerian Foreign Exchange Market,” the statement noted.
The CBN has scheduled the formal launch of the FX Code for Tuesday, January 28, 2025, at its Head Office Auditorium in Abuja. The event will bring together major stakeholders from the banking and financial sectors and representatives from regulatory bodies.
“The Bank will formally launch the Code at the CBN Head Office Auditorium, Abuja, on Tuesday, January 28, 2025,” the statement confirmed.
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