The Nigeria Employers’ Consultative Association (NECA) has praised the Central Bank of Nigeria (CBN) for the launch of the Nigerian Foreign Exchange (FX) Code, calling it a strategic policy initiative aimed at enhancing transparency, ethical conduct, and governance in Nigeria’s FX market.
Mr. Adewale-Smatt Oyerinde, Director-General of NECA, stated, “The introduction of the FX Code is a commendable step towards enhancing transparency, integrity, and professionalism in Nigeria’s foreign exchange market. This aligns with NECA’s advocacy for policies that foster a conducive business environment and economic stability.”
He further emphasised, “We believe that the FX Code will not only promote ethical conduct among market participants but also bolster investor confidence, which is crucial for economic growth. NECA encourages all stakeholders to familiarise themselves with the provisions of the FX Code and ensure full compliance to achieve its objectives.”
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While NECA applauds the CBN for this progressive move, Mr. Oyerinde stressed that the success of the FX Code will depend on effective implementation, enforcement, and stakeholder buy-in. “It is critical that the CBN ensures full compliance with the FX Code across all market participants, including banks, Bureau De Change operators, and corporate entities. There must also be periodic reviews and stakeholder engagements to fine-tune the policy where necessary.”
While reaffirming its commitment to robust engagement with the CBN, the Director-General urged the CBN to reconsider the contentious FOREX forward challenge, which has hindered many legitimate businesses. He added that it is in the best interest of the economy for all stakeholders to align on issues that will promote rapid development and inclusive growth.
