The Central Bank of Nigeria (CBN) has approved the release of the Nigerian Foreign Exchange (FX) Code, a guideline aimed at promoting ethical conduct among authorized dealers in the country's FX market. The code will be formally launched on January 28, 2025, at the CBN Head Office Auditorium in Abuja .

The FX Code is designed to address weaknesses and risks in Nigeria's financial landscape, setting standards to strengthen the overall performance of the FX market. Its introduction is expected to facilitate better market operations, reinforcing Nigeria's commitment to maintaining a flexible exchange rate regime.

Key objectives of the FX Code include:

- *Promoting Ethical Conduct*: Encouraging authorized dealers to adhere to global standards of behavior and best practices.
- *Ensuring Transparency*: Fostering a robust, fair, liquid, and open market environment.
- *Supporting Market Participants*: Enabling a diverse set of market participants to transact confidently and effectively.

The FX Code applies to market participants, including banks licensed by the CBN and engaging in wholesale foreign exchange business in Nigeria .