CBN to unveil code to promote professionalism in FX transactions
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 ethical conduct of Authorised Dealers in the Nigerian Foreign Exchange Market. Daily Trust reports that the code was designed to ensure that authorised dealers uphold the highest standards of professionalism […]
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 ethical conduct of Authorised Dealers in the Nigerian Foreign Exchange Market.
Daily Trust reports that the code was designed to ensure that authorised dealers uphold the highest standards of professionalism while conducting FX transactions.
The CBN had imposed several guidelines and measures for authorised dealers in the FX market with a view to checkmate illegal activities within the space.
Among the measures was the launch of an Electronic Foreign Exchange Matching System (EFEMS) for Foreign Exchange (FX) transactions in the Nigerian Foreign Exchange Market (NFEM).
In a statement on the website of CBN, the bank stated that it would formally launch the Code at the CBN Head Office Auditorium, Abuja, on Tuesday, January 28, 2025.