CBN Unveils New FX Code to Strengthen Market Liquidity, Transparency

The Central Bank of Nigeria (CBN) has introduced a new Foreign Exchange (FX) Code to enhance liquidity, transparency, and the overall integrity of Nigeria’s foreign exchange market.

The code outlines a set of principles aligned with global best practices, aimed at fostering a fair, open, and competitive market. Specifically, the code focuses on six key principles: ethics, governance, execution, information sharing, risk management, and confirmation/settlement processes.

Designed to address the risks associated with Nigeria’s evolving financial landscape, the FX Code encourages market participants to adhere to high standards of professionalism and due diligence.

The move is seen as a step towards improving the country’s exchange rate system, facilitating a transparent and liquid market, and boosting investor confidence.

By reinforcing these practices, the CBN aims to ensure Nigeria’s forex market operates efficiently, thereby supporting the nation’s economic growth and stability.

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