The Nigeria Employers’ Consultative Association (NECA) has called for the effective implementation of Central Bank of Nigeria’s (CBN) recent inauguration of the Nigerian Foreign Exchange (FX) Code.
NECA Director General Adewale-Smatt Oyerinde, who lauded the initiative by CBN, made the call in a statement on Wednesday.
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, had on Jan. 27, 2025 inaugurated the FX Code, aimed at sanitising market practices, and entrenching good governance.
The CBN governor said the code was a decisive step forward, setting clear and enforceable standards for ethical conduct, transparency, and good governance in the FX market, adding that violations will be met with penalties and administrative actions.
Oyerinde said: “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.”
The director general described the code as a strategic policy initiative aimed at enhancing transparency, ethical conduct, and governance in Nigeria’s FX market.
He said that the introduction of the FX Code was a commendable step toward 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.
“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, “ he said.
The director general, expressing NECA’s commitment to robust engagement with CBN, urged CBN to take a second look at the contentious FOREX forward challenge that had crippled many legitimate businesses.
“It is in the best interest of the economy for all stakeholders to align on issues that will promote rapid development and inclusive growth, “ Oyerinde said.
