The Central Bank of Nigeria (CBN) has officially approved the release of the Nigerian Foreign Exchange (FX) Code, a move aimed at fostering ethical conduct and transparency within the nation’s foreign exchange market.
In a statement on the apex bank’s website, it disclosed that the Code, which will serve as a vital guideline for the banking industry, is designed to ensure that authorised dealers uphold the highest standards of professionalism and integrity when conducting FX transactions.
The CBN emphasized that the introduction of the FX Code is part of its ongoing efforts to enhance the stability and integrity of Nigeria’s FX market.
The Code will offer clear directives on the expectations for market participants, ensuring that the market operates in a fair and transparent manner.
This step is particularly significant as the Nigerian FX market has experienced volatility in recent years, with issues such as currency devaluation and irregularities in FX transactions affecting both investors and businesses.
“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 Authorised Dealers in the Nigerian Foreign Exchange Market,”, the bank said.
Olusola Akintonde
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