CBN okays release of FX code

The Central Bank of Nigeria, CBN, has approved the release of the Nigerian Foreign Exchange, FX Code.

According to the apex bank, the code would serve as a guideline to the banking industry to promote the ethical conduct of authorised dealers in the country’s FX market.

The apex bank also announced that the code would be formally launched next week in Abuja.

According to its statement: “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 Bank will formally launch the Code at the CBN Head Office Auditorium, Abuja, on Tuesday, January 28, 2025.”

This comes as the naira continues to fluctuate against the dollar in the FX market.

On Tuesday, it was reported that the naira depreciated against the dollar at official and parallel foreign exchange markets.