The Central Bank of Nigeria (CBN) has launched the Nigeria Foreign Exchange Code, introducing six core principles to restore transparency and accountability in the FX market.
Governor Olayemi Cardoso announced that participants must submit initial compliance reports by January 31, 2025, followed by quarterly updates, with violations facing strict penalties under the CBN Act 2007 and BOFIA Act 2020.
The Code arrives as Nigeria's forex market shows signs of stabilization, with the naira appreciating from ₦1,663.90 to ₦1,536.72 since December 2024, and external reserves growing 12.74% to $40.68 billion.
