JUST-IN: CBN Launches FX Code To Promote Market Integrity

The Central Bank of Nigeria (CBN) has launched the Nigeria Foreign Exchange Code (FX Code) with a vision for a foreign exchange market built on integrity, fairness, transparency and efficiency, which are critical pillars for Nigeria’s economic growth and stability.

Unveiling the new FX Code that will henceforth guide operations in the forex market, CBN Governor Olayemi Cardoso said the introduction of the code will mark the beginning of an era of discipline and professional practices in the market.

“The era of opaque practices is over. We will not hesitate to act against any institution or individual that undermines the integrity of our financial markets,” Cardoso said, adding that “The FX Code is a binding commitment to accountability and transparency—and we must all play our part.”

According to the CBN governor, the FX Code was built on six core principles — ethics, governance, execution, information
Sharing, risk management, compliance, confirmation and settlement processes.