The Nigerian Central Bank (CBN) launched the Nigerian Foreign Exchange Code (FX) code as part of the risks related to the major positive changes in the country’s financial environment.
Naija News It is reported that the APEX Bank announced this on Monday, January 27th, and pointed out that the regulations were based on the principles of the Global FX Code and incorporated into the best practice of the leading financial judicial region.
Over the years, Nigeria’s financial sector has undergone major and beneficial changes. However, some risks are still obvious.
The Supreme Bank emphasizes that the FX Code is formulated based on these changes and aims to establish standards to comprehensively enhance and maintain the integrity and effective operation of Nigerian wholesale foreign exchange (FX) market.
“This will promote better market operations and further strengthen Nigeria’s flexible exchange rate system.
“It is expected that the FX Code will promote strong, fair, liquid, open and appropriate and transparent markets. In this market, various market participants supported by elastic infrastructure can be traded with confidence in competitive prices to reflect it to reflect Competitive prices to reflect available market information to reflect the available market information that meets acceptable global behavior standards and best practices.
“FX code is suitable for market participants.
“These are authorized dealers who have obtained the CBN license in accordance with the CBN Act 2007. CBN pointed out in the announcement.
The Central Bank stated that the “Foreign Exchange Law” revolves around six basic principles: morality, governance, execution, information sharing, risk management and compliance, and confirmation and reconciliation procedures.
CBN Add: “In addition, some principles have been included in the Nigerian FX Code to promote the efficiency of the Nigerian FX market.
“The FX Code requires market participants to ensure illegal financial transfer and formulate appropriate money laundering policies to protect the integrity of the domestic market and the entire global financial framework.
“In the context of the FX code, the term ‘Market participants are usually used to refer to banks, personnel and other approval institutions.
“In some cases, it is obvious that one principle is only more relevant to the other principle. For example, some principles mainly involve business or bank -level policies and procedures, not personal behavior.
The word “banks” and “personnel” occasionally, and the focus of banks’ good practice in personnel is its ability, and vice versa. “
