CBN Unveils New Foreign Exchange Code to Stabilize Naira
The Central Bank of Nigeria (CBN) has introduced a fresh Foreign Exchange Code to guide participants in the country's FX market, aiming to stabilize the Naira. This move is part of efforts to regulate Nigeria's financial system and supervise the foreign exchange market in line with global best practices. The new FX Code is built around six core principles: Ethics: Promoting transparency and accountability Governance: Ensuring effective oversight and management Execution: Facilitating efficient and timely transactions Risk Management and Compliance: Minimizing risks and ensuring adherence to regulations Information Sharing: Encouraging open communication among market participants Confirmation and Settlement Processes: Streamlining…
