The Central Bank of Nigeria (CBN) has announced the approval and imminent release of the Nigerian Foreign Exchange (FX) Code, a comprehensive guideline aimed at fostering ethical practices among authorized dealers in the country’s FX market.
The apex bank disclosed in a statement that the official launch of the Code will take place next week, specifically on Tuesday, January 28, 2025, at the CBN Head Office Auditorium in Abuja.
Highlighting the significance of the initiative, the CBN stated: “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 the ethical conduct of authorised dealers in the Nigerian Foreign Exchange Market.”
The FX Code is expected to enhance transparency and trust in Nigeria’s foreign exchange operations, ensuring that market participants adhere to globally accepted ethical standards.
This development comes at a crucial time as Nigeria continues its drive to stabilize the naira and boost investor confidence in its financial markets.