The Central Bank of Nigeria (CBN) has given the green light for the release of the Nigerian Foreign Exchange (FX) Code.
The central bank stated that this code will serve as a framework for the banking sector, aimed at fostering ethical practices among authorized dealers in the nation’s FX market.
Additionally, the CBN announced that the official launch of the code is scheduled for next week in Abuja.
In its announcement, the CBN said: “The Central Bank of Nigeria has approved the release of the Nigerian Foreign Exchange (FX) Code as a guideline for the banking industry to encourage ethical conduct among authorized dealers in the Nigerian Foreign Exchange Market.
“The Bank will formally unveil the Code at the CBN Head Office Auditorium in Abuja on Tuesday, January 28, 2025.”
This development comes as the naira continues to experience fluctuations against the dollar in the FX market.
The naira depreciated against the dollar at official and parallel foreign exchange markets
