CBN Releases Exposure Draft of FX Code Book for Enhanced Market Standards
CBN's Forward-Thinking Move
The Central Bank of Nigeria (CBN) has introduced a groundbreaking component to Nigeria's forex landscape: the exposure draft of the FX Code Book. Set to take effect on October 14, 2024, this initiative is geared towards raising market standards and enhancing participant accountability.
Key Features of the FX Code Book
- Transparency in foreign exchange transactions.
- Standards for best practices among market players.
- Regulatory compliance expected from all participants.
Implications for Market Participants
This draft serves as a call to action for foreign exchange market participants to familiarize themselves with its provisions. As the industry pivots towards greater compliance, the FX Code Book is expected to significantly shape the operational landscape.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.