CBN Expresses Commitment To FX Code

The Central Bank of Nigeria, CBN, yesterday, expressed its commitment to the Nigerian Foreign Exchange (FX) Code saying that it has aligned its roles with the principles of the code.

In a statement signed by the Governor, Olayemi Cardoso, Deputy Governor, Economic Policy, Mohammad Abdullahi and Director, Financial Markets Department, Dr.Omolara Duke, the apex bank said its decision follows a review of FX Global Code and acknowledgement that the Code represents a set of principles generally recognised as good practice in the foreign exchange market (“FX Market”).

The statement added: “The Bank confirms that it acts as a regulator to Market Participant as defined by the Code and it is committed to regulate FX Market activities in a manner consistent with the principles of the Code.

“To this end, the Bank has taken appropriate steps, based on the size and complexity of the FX Market, and therefore aligns its roles with the principles of the Code.”

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