The Central Bank of Nigeria (CBN) has taken a significant step toward enhancing transparency and ethical practices in the country’s foreign exchange market. The apex bank recently announced the approval of the Nigerian Foreign Exchange (FX) Code, a comprehensive guideline designed to promote ethical conduct among authorized dealers in the FX market.
According to a statement released by the CBN, the FX Code aims to foster professionalism and integrity within the banking industry, ensuring that all participants adhere to global best practices. This initiative reflects the CBN’s commitment to maintaining stability and building confidence in Nigeria’s financial ecosystem.
The official launch of the Nigerian FX Code is scheduled to take place on Tuesday, January 28, 2025, at the CBN Head Office Auditorium in Abuja. This event will bring together key stakeholders in the financial sector, including representatives from commercial banks, regulatory authorities, and other industry players.
The introduction of this Code underscores the CBN’s dedication to creating a more robust and transparent FX market, ultimately supporting Nigeria’s economic growth.
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