CBN Reaffirms Commitment to Nigerian Foreign Exchange Code

Samuel Mobolaji

The Central Bank of Nigeria (CBN) has reiterated its commitment to upholding the Nigerian Foreign Exchange (FX) Code, aligning its regulatory oversight with global best practices to enhance transparency and accountability in the FX market.

In a statement signed by Governor Olayemi Cardoso, Deputy Governor of Economic Policy Mohammad Abdullahi, and Director of the Financial Markets Department Dr. Omolara Duke, the apex bank affirmed its adherence to the principles outlined in the FX Global Code.

“The Central Bank of Nigeria has reviewed the FX Global Code and acknowledges that it represents a set of principles widely recognised as good practice in the foreign exchange market. The Bank confirms its role as a regulator of Market Participants as defined by the Code and is committed to regulating FX Market activities in a manner consistent with its principles,” the statement read.

The CBN stated that it has taken appropriate steps, considering the size and complexity of Nigeria’s FX market, to ensure that its regulatory framework aligns with the code’s provisions.

This commitment follows the official launch of the Nigerian Foreign Exchange Code (FX Code) in January by Governor Cardoso. The FX Code was introduced to enhance market integrity, enforce compliance, and promote transparency in the country’s foreign exchange transactions.