The Nigeria Employers’ Consultative Association (NECA) has commended the Central Bank of Nigeria (CBN) for introducing the Nigerian Foreign Exchange (FX) Code, describing it as a crucial step towards enhancing transparency, ethical conduct, and governance in the country’s forex market. The FX Code aims to ensure compliance with global standards by banks, Bureau De Change operators, and corporate entities, fostering investor confidence and economic stability.
NECA’s Director-General, Mr. Adewale-Smatt Oyerinde, emphasized the importance of strict enforcement and periodic reviews to guarantee the Code’s success. He urged the CBN to ensure full compliance from all market participants and to engage stakeholders for continuous improvements. Additionally, NECA called for broader reforms, particularly in resolving outstanding forex forward obligations, which have negatively impacted businesses.
While supporting the FX Code, NECA stressed the need for further steps to stabilize the foreign exchange market and create a more predictable business environment. The association reaffirmed its commitment to working with the CBN and other stakeholders to achieve the Code’s objectives. It also advised businesses to familiarize themselves with the new regulations to ensure compliance and contribute to a more transparent and ethical FX market in Nigeria.
Source: PUNCH