The Central Bank of Nigeria (CBN) has taken a bold step toward enhancing transparency and ethical conduct in the nation’s foreign exchange market with the approval of the Nigerian Foreign Exchange (FX) Code.
This initiative, aimed at restoring confidence and stability in the forex market, underscores the CBN’s commitment to fostering professionalism and integrity among authorized dealers.
The forex Code, described by the CBN as a critical guideline for Nigeria’s banking sector, will set standards for market participants, ensuring ethical conduct and promoting fair practices.
The apex bank’s statement emphasized that the Code represents a cornerstone of its broader strategy to stabilize and strengthen the forex market, which has faced volatility and irregularities in recent years.
“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 bank announced.
The formal launch of the forex code is scheduled for Tuesday, January 28, 2025, at the CBN Head Office Auditorium in Abuja.
The event is expected to draw participation from key stakeholders, including representatives from commercial banks, financial institutions, and regulatory agencies.