The Central Bank of Nigeria (CBN) has granted official approval for the release of the Nigerian Foreign Exchange (FX) Code, a strategic initiative aimed at promoting ethical conduct and transparency within the nation’s foreign exchange market

The announcement, made on the apex bank’s website, explained the Code as an essential framework for the banking industry, designed to ensure that authorised dealers maintain the highest standards of professionalism and integrity in their FX transactions.

The introduction of the FX Code is part of the apex bank’s broader strategy to boost the stability and integrity of Nigeria’s foreign exchange market, by providing clear guidelines on the expectations for market participants.

“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 notice read.

The CBN has also announced that the formal launch of the FX Code will take place on Tuesday, January 28, 2025, at the CBN Head Office Auditorium in Abuja.

This event is expected to be attended by key stakeholders in the banking and financial sectors, as well as representatives from regulatory bodies.

SOURCE: THE SUN