The Central Bank of Nigeria (CBN) has stated that it has approved the release of the Nigerian Foreign Exchange Code, which is billed for launch on January 28, 2025.

The brand new code will be a rulebook for the banking industry to improve the ethical conduct of authorized FX dealers in the Nigerian Foreign Exchange market (NFEM).

According to the apex bank, it will launch the code at its Head Office Auditorium in Abuja on Wednesday, January 28, 2025.

In November 2024, CBN introduced the revised guidelines for the NFEM to improve governance and transparency.

An important part of the guideline requires bank bosses, their CEOs and Chief Compliance Officers to adhere to the FX Code of Ethics and Conduct.

The move shows the CEOs’ commitment to uphold market integrity and align with all CBN circulars and guidelines. After consolidating all forex market windows, the new guideline aims to deepen the FX market.