Market News

By Bamidele Ogunwusi

LAGOS – The Central Bank of Nigeria (CBN) on Wednesday said it has approved the release of the Ni­gerian Foreign Exchange (FX) code just as the naira recovered by N2.20 kobo against the dollar at the official foreign exchange (FX) market.

The apex bank also an­nounced that the code would be formally launched next week in Abuja.

This event is expected to be at­tended by key stakeholders in the banking and financial sectors, as well as representatives from reg­ulatory bodies.

According to CBN, in a state­ment, the code serves as a guide­line to the banking industry to promote the ethical conduct of authorised dealers in the coun­try’s FX market.

CBN said: “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 code will offer clear di­rectives on the expectations for market participants, ensuring that the market operates fairly and transparently.

“This step is particularly sig­nificant as the Nigerian FX mar­ket has experienced volatility in recent years, with issues such as currency devaluation and irregu­larities in FX transactions affect­ing both investors and businesses.

“The bank will formally launch the code at the CBN head office auditorium, Abuja, on Tuesday, January 28, 2025.”