By Chris Agabi
The Central Bank of Nigeria (CBN) has announced plans to officially launch the Nigerian Foreign Exchange (FX) Code on Tuesday, January 28, 2025.
The apex bank stated that the initiative aims to promote ethical conduct and transparency in the country’s foreign exchange market.
The CBN revealed this in a statement posted on its website.
The apex bank said the need for a critical guideline for the banking industry led to the release of the code.
The CBN explained that the FX Code is specifically designed to uphold the highest standards of professionalism and integrity among authorized dealers during FX transactions.
Additionally, the apex bank noted that the code seeks to enhance transparency and stability in the FX market, which has faced significant volatility 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 the ethical conduct of Authorised Dealers in the Nigerian Foreign Exchange Market.
“The Bank will formally launch the Code at the CBN Head Office Auditorium, Abuja, on Tuesday, January 28, 2025,” it stated.
