*Aligns roles with principles

By Elizabeth Adegbesan

The Central Bank of Nigeria,  CBN, today expressed its  commitment to the Nigerian Foreign Exchange (FX) Code, saying that  it has aligned its roles with the principles of the code.

The apex bank disclosed this in a statement signed by its  Governor, Olayemi Cardoso, Deputy Governor, Economic Policy, Mohammad  Abdullahi and  Director, Financial Markets Department, Dr.Omolara  Duke.

According to the apex bank, its decision follows a review of FX Global Code and acknowledgement that the Code represents a set of principles generally recognised as good practice in the foreign exchange market (“FX Market”).

CBN said: “The Central Bank of Nigeria has reviewed FX Global Code and acknowledges that the Code represents a set of principles generally recognised as good practice in the foreign exchange market (“FX Market”).

“ The Bank confirms that it acts as a regulator to Market Participant as defined by the Code and it is committed to regulate FX Market activities in a manner consistent with the principles of the Code. “To this end, the Bank has taken appropriate steps, based on the size and complexity of the FX Market, and therefore align its roles with the principles of the Code.”

Recall that in January,  Cardoso formally launched the Nigerian Foreign Exchange Code (FX Code), to promote accountability, ensure compliance, and engender transparency in the country’s foreign exchange market.