The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, yesterday launched the Nigeria Foreign Exchange Code (FX Code), aimed at sanitising market practices and entrenching good governance.
The CBN governor said the code was a decisive step forward, setting clear and enforceable standards for ethical conduct, transparency, and good governance in the FX market, adding that violations will be met with penalties and administrative actions.
He stressed that exchange rate stability remained a cornerstone of macroeconomic health for the Nigerian economy, influencing critical indicators such as the balance of payments, external reserves, international trade, inflation, economic growth, and foreign investment.
He spoke at the launch of the code, alongside chief executives of Deposit Money Banks (DMBs) who took their turns to sign the framework as a mark of commitment to ensuring compliance.
Cardoso further hinted that the forensic audit of the $7 billion FX backlogs which he inherited on assumption of office, was near conclusion, adding that final settlements of genuine FX liabilities to investors would be processed accordingly.
