The Central Bank of Nigeria (CBN) is set to launch the Nigerian Foreign Exchange (FX) Code on January 28, 2025, to enhance ethical conduct, transparency, and market efficiency in the forex sector.
The Central Bank of Nigeria (CBN) is set to launch the Nigerian Foreign Exchange (FX) Code on January 28, 2025, in Abuja. This code serves as a guideline for authorized dealers in the forex market , aimed at promoting ethical conduct and enhancing transparency. The CBN announced its approval of the code in a statement released on Wednesday, highlighting its significance in establishing a more robust and regulated forex market .
The code is expected to improve governance and facilitate a market-driven exchange rate that will be accessible to the public.The EFEMS (Electronic Foreign Exchange Market System), an integral component of the code, will be instrumental in streamlining FX transactions. Authorized dealers will be required to conduct all interbank FX transactions on the EFEMS, ensuring immediate transaction reflection. The platform will also provide real-time price and buy/sell order data, published by the CBN. In collaboration with the Financial Markets Dealers Association (FMDA), the CBN will publish the comprehensive rules governing the EFEMS.The CBN believes that the implementation of the FX code and the EFEMS will effectively reduce speculative activities, eliminate market distortions, and grant the central bank enhanced oversight capabilities to regulate the market more efficiently. The ultimate goal is to create a fairer, more transparent, and market-driven forex market that benefits all participants
CENTRAL BANK OF NIGERIA FX CODE FOREX MARKET EFEMS MARKET TRANSPARENCY
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