The Central Bank of Nigeria has mandated Deposit Money Banks and all other participants in the foreign exchange market to submit compliance reports regarding the FX Code by December 31, 2024.
The FX Code, issued by CBN and effective from October 14, 2024, outlines a comprehensive set of principles that regulate market participants’ conduct to ensure ethical and professional behaviour in Nigeria’s FX market.
The FX Code introduces new governance structures and operational frameworks for institutions involved in FX activities, such as banks and financial institutions.
This quarterly reporting will be a continuous monitoring mechanism to ensure the FX market operates transparently and efficiently.
The FX Code is modelled after the globally accepted FX Global Code and aims to integrate best practices in Nigeria’s foreign exchange market...
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