JUST-IN: CBN Launches FX Code To Promote Market Integrity
The Central Bank of Nigeria (CBN) has unveiled the Nigeria Foreign Exchange Code (FX Code), aimed at fostering integrity, fairness, transparency, and efficiency within the country’s foreign exchange market. These principles are essential for ensuring the growth and stability of Nigeria’s economy.
During the launch, CBN Governor Olayemi Cardoso emphasized that the introduction of the FX Code marks the beginning of a new era characterized by discipline and professional practices in the forex market. “The era of opaque practices is over,” Cardoso stated. “We will not hesitate to act against any institution or individual that undermines the integrity of our financial markets.”
The FX Code is built on six core principles, which include:
- Ethics
- Governance
- Execution
- Information Sharing
- Risk Management
- Compliance, Confirmation, and Settlement Processes
Cardoso reiterated that the FX Code represents a binding commitment to accountability and transparency in the foreign exchange market, and he called on all stakeholders to actively participate in upholding these standards.
