Wednesday, February 19, 2025
HomeNewsNigeria Employers' Consultative Association Commends Central Bank's New Foreign Exchange Code

Nigeria Employers’ Consultative Association Commends Central Bank’s New Foreign Exchange Code

 

The Nigeria Employers’ Consultative Association (NECA) has praised the Central Bank of Nigeria (CBN) for introducing the Nigerian Foreign Exchange Code, a move aimed at enhancing transparency, ethical conduct, and governance in the country’s foreign exchange market.

According to NECA’s Director-General, Mr. Adewale-Smatt Oyerinde, the FX Code is a significant step towards promoting a conducive business environment and economic stability. “The introduction of the FX Code is a commendable step towards enhancing transparency, integrity, and professionalism in Nigeria’s foreign exchange market,” Oyerinde stated.

The FX Code seeks to strengthen the integrity of Nigeria’s FX market by ensuring that participants, including banks, Bureau De Change operators, and corporate entities, adhere to globally accepted standards of operation. NECA emphasized that the success of the FX Code depends on effective enforcement and compliance by all market participants.

Oyerinde noted that the CBN must ensure full compliance with the FX Code across all market participants and conduct periodic reviews and stakeholder engagements to fine-tune the policy as necessary.

NECA also called for broader reforms in the FX market, particularly in addressing the challenges associated with FOREX forwards, which have significantly impacted businesses. The association urged the CBN to revisit the contentious Forex forward challenge that has crippled many legitimate businesses.

The FX market has been a major source of concern for businesses operating in Nigeria, with volatility and liquidity shortages affecting trade and investment. With the introduction of the FX Code, the CBN aims to restore confidence in the system by ensuring fair play, ethical practices, and adherence to globally recognized principles in foreign exchange operations.

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here
Captcha verification failed!
CAPTCHA user score failed. Please contact us!

- Advertisment -

Most Popular

Recent Comments

Opene Maryanne on Hello world!
Opene Maryanne on Hello world!
Opene Maryanne on Hello world!
google.com, pub-9997724993448343, DIRECT, f08c47fec0942fa0