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ARTICLE · 17 DECEMBER 2024

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An Overview Of The CBN FX Code And Circular On The Electronic Foreign Exchange Matching System

Udo Udoma & Belo-Osagie
Udo Udoma & Belo-Osagie
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Udo Udoma & Belo-Osagie

Udo Udoma & Belo-Osagie

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The Central Bank of Nigeria has consistently been expressing its policy drive to deepen the Nigerian autonomous foreign exchange market, and to promote transparency and the efficient functioning of the FX Market.

NigeriaFinance and Banking
Joseph Eimunjeze
Joseph Eimunjeze
Itoro Etim
Itoro Etim
Fortune Ihator
Fortune Ihator
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Introduction

The Central Bank of Nigeria ("CBN") has consistently been expressing its policy drive to deepen the Nigerian autonomous foreign exchange market ("FX Market"), and to promote transparency and the efficient functioning of the FX Market. In this regard, the CBN released two circulars on 2nd October, 2024, announcing policy changes aimed at strengthening and providing guidance for participants in the FX Market. The CBN, through the circular titled "Nigeria Foreign Exchange Code Book: Draft Exposure" ("FX Code Circular") released a draft of the Nigeria Foreign Exchange Code (the "FX Code"). Although the FX Code is still indicated to be a draft, it appears the CBN has commenced its implementation. This is because the CBN has, in its subsequent guidelines regarding the operations of the FX Market, mandated participants in the FX Market to comply with the FX Code in conducting transactions in the FX Market. The FX Code seeks to enhance transparency, integrity

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