CBN Approves Nigerian FX Code as Naira Gains ₦2.20 Against Dollar

Written on 23/01/2025
Independence NG

The Central Bank of Nigeria (CBN) has announced the approval of the Nigerian Foreign Exchange (FX) Code, with the naira gaining ₦2.20 kobo against the dollar at the official FX market.

The apex bank revealed that the code would be formally launched next week in Abuja, with key stakeholders from the banking and financial sectors, along with representatives from regulatory bodies, expected to attend.

The FX Code is anticipated to enhance transparency and efficiency in Nigeria’s foreign exchange 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 authorized 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.

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