CBN Unveils Nigerian Foreign Exchange Code to Regulate Market Conduct

The Central Bank of Nigeria (CBN) has officially approved the release of the Nigerian Foreign Exchange (FX) Code, setting a new framework for ethical conduct in the country’s foreign exchange market. The FX Code is designed to guide the banking industry, particularly authorised dealers, in fostering ethical practices and transparency within the FX market.

In a statement, the CBN confirmed that the Code will be formally launched in Abuja next week. The launch is scheduled for Tuesday, January 28, 2025, at the CBN Head Office Auditorium.

The introduction of the FX Code aims to enhance the integrity and professionalism of the foreign exchange sector, ensuring that all market participants operate under a unified set of standards. The Central Bank’s initiative underscores its commitment to strengthening the regulatory framework of Nigeria’s financial markets.