The Central Bank of Nigeria (CBN) has announced the approval of the Nigerian Foreign Exchange (FX) Code, which aims to establish guidelines for ethical conduct among authorized dealers in the country's foreign exchange market.
This initiative is part of the CBN's broader efforts to enhance transparency and integrity within the financial system, aligning local practices with global standards.
In a formal statement, the CBN emphasized that the FX Code serves as a crucial framework designed to promote ethical behavior and best practices among market participants.
The apex bank has scheduled a formal launch of the Code for January 28, 2025, at its headquarters in Abuja, indicating a significant step towards stabilizing the Nigerian currency and ensuring fair trading practices.
The introduction of this Code comes in response to ongoing challenges in the foreign exchange market, including issues related to market distortions and unethical trading practices.
