The Central Bank of Nigeria (CBN) announced in a statement last Wednesday that it had approved the Nigerian Foreign Exchange Code. According to the bank, the official launch of the code should take place at its headquarters in Abuja on 28 January

The Nigerian Foreign Exchange Code is a comprehensive guideline to promote ethical conduct among licensed traders in the country's foreign exchange market. According to the bank, this new framework would provide a basis for transparency, integrity, and professionalism in Forex trading practices

The statement said that “the Central Bank of Nigeria has approved the publication of the Nigerian Foreign Exchange Code (FX) as a guideline for the banking sector to promote the ethical conduct of licensed traders in the foreign exchange market. Nigerian exchanges.” The decision comes as part of the CBN's ongoing efforts to stabilize the naira, improve liquidity in the foreign exchange market, and curb unethical practices such as arbitration and