CBN calls for inputs in fresh FX regulation code

Oct. 7, 2024 - Guardian Nigeria

In yet another effort aimed at stabilising the naira, the Central Bank of Nigeria (CBN) has released a new code named ‘Nigeria Foreign Exchange Code Book: Draft Exposure’ to authorised FX dealers, giving them until October 18 for inputs. Duke said: “CBN has developed the Nigerian Foreign Exchange Code Book (FX Code Book) to set standards for transactions in the Nigerian FX market.

Concerning ethics, market participants are expected to behave ethically and professionally to promote the fairness and integrity of the FX market. They are also expected to have a sound and effective governance framework to provide for clear responsibility for and comprehensive oversight of their FX market activity and to promote responsible engagement in the FX market.

Market Participants should have a clear understanding of the applicable laws of the national antimony laundering and combating financing of terrorism (AML/CFT)...