Governor of the Central Bank of Nigeria, Olayemi Cardoso, has issued a stern warning to commercial banks and Bureau De Change operators over compliance with its new Foreign Exchange Code.
Cardoso disclosed this on Tuesday at the launch of the FX Code.
According to him, the FX Code is aimed at guaranteeing transparency and guarding against unethical practices in the country’s financial sector.
“The FX Code is a binding commitment to accountability and transparency—and we must all play our part.
“It is a firm signal that business as usual will no longer suffice,” Cardoso.
He stressed that deliberate FX market distortion by players would no longer be tolerated with the FX Code.
“FX Code is a firm rejection of such distortions and an equally firm commitment to a future defined by fairness, trust, and market-driven principles,” he said.
Media Talk Africa reports that following the launch of the FX Code, the Naira appreciated significantly against the dollar at both official and parallel foreign exchange markets on Tuesday.
