FX Code compliance: CBN reads riot act to banks, BDC operators

• Cardoso said the FX Code is aimed at ensuring transparency and checking unethical practices in the country’s financial sector.

The Central Bank of Nigeria has admonished commercial banks and Bureau De Change operators against violating its new Foreign Exchange Code.

CBN governor, Olayemi Cardoso, disclosed this on Tuesday at the launch of the FX Code.

Cardoso said the FX Code is aimed at ensuring transparency and checking unethical practices in the country’s financial sector.

“The FX Code is a binding commitment to accountability and transparency—and we must all play our part.

“It is a firm signal that business as usual will no longer suffice,” Cardoso.

He stressed that deliberate FX market manipulation by players would no longer be tolerated with the FX Code.

“FX Code is a firm rejection of such distortions and an equally firm commitment to a future defined by fairness, trust, and market-driven principles,” he said.

Within Nigeria gathered that following the launch of the FX Code, the Naira appreciated significantly against the dollar at both official and parallel foreign exchange markets on Tuesday.