The Central Bank of Nigeria CBN has directed participants in the foreign exchange market to submit compliance reports on adherence to the Nigeria FX Code by January 31, 2025.
The directive is part of efforts to strengthen ethical practices, governance, and transparency in the market.
The Nigeria FX Code, which became effective on December 2, 2024, sets out principles of good practice to ensure a robust, fair, and transparent foreign exchange market.
It applies to authorised dealers licensed under the CBN Act of 2007, the Bank and Other Financial Institutions Act of 2020, and other entities engaged in wholesale FX business in Nigeria.
The apex bank has mandated market participants to conduct a self-assessment and submit detailed reports on their level of compliance with the FX Code.
