Regulatory Update: Central Bank Of Nigeria Launches The Nigerian Foreign Exchange Code (FX Code)

1 .Introduction

On Tuesday, January 28, 2025, the Governor of the Central Bank of Nigeria ("CBN"), Mr. Olayemi Cardoso, formally launched the Nigerian Foreign Exchange Code ("FX Code"), at an event which was held at the CBN Head Office Auditorium, Abuja. The FX Code establishes a set of principles and guidelines for the operation of the Nigerian Foreign Exchange Market ("NFEM"). The Governor remarked that the FX Code will mark a new era of compliance and accountability, as the objective was not simply to outline a set of recommendations, but to establish an enforceable framework for Nigeria. He further emphasised that the Nigerian FX Code, which follows from the launch of the Electronic Foreign Exchange Matching System ("EFEMS") in December 2024, sets clear and enforceable standards for ethical conduct and governance in the foreign exchange market, addressing past challenges that undermined market integrity.