CBN Approves Release Of Nigerian Foreign Exchange Code

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

• The FX Code will be formally launched on January 28, 2025, at the CBN Head Office Auditorium in Abuja.

• The development comes as the naira continues to fluctuate against the dollar in the FX market.

The Central Bank of Nigeria (CBN) has approved the release of the Nigerian Foreign Exchange (FX) Code, which will serve as a guideline to the banking industry to promote the ethical conduct of authorised dealers in the country’s FX market.

According to the apex bank, the code is designed to promote transparency and ethical conduct among authorised dealers in the Nigerian Foreign Exchange Market.

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In a statement on Wednesday, the CBN said, “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 further announced that the code would be formally launched on Tuesday, January 28, 2025, at the CBN Head Office Auditorium in Abuja.

CBN Slams ₦1.35bn Fine on Nine Banks for ATM Cash Scarcity

The Central Bank of Nigeria (CBN) has fined nine Deposit Money Banks (DMBs) ₦150 million each.

The affected banks include Fidelity Bank Plc, First Bank Plc, Keystone Bank Plc, Union Bank Plc, Globus Bank Plc, Providus Bank Plc, Zenith Bank Plc, United Bank for Africa Plc, and Sterling Bank Plc.

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