CBN To Enforce Strict Penalties For FX Code Violations

CBN To Enforce Strict Penalties For FX Code Violations

The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, has announced that violations of the newly introduced Nigeria Foreign Exchange (FX) Code will attract severe sanctions…READ MORE…

Speaking at the official launch of the FX Code in Abuja on Tuesday, Cardoso emphasized the CBN’s commitment to promoting ethical conduct and transparency in the foreign exchange market.

Key Highlights of the FX Code
The FX Code, a significant initiative by the CBN, establishes enforceable standards for ethical behavior, governance, and compliance in Nigeria’s FX market. It aims to address systemic abuses and unethical practices that have long plagued the sector.

Backed by the CBN Act of 2007 and the Banks and Other Financial Institutions Act (BOFIA) of 2020, the FX Code provides a legal framework for imposing penalties on violators.

Governor Cardoso stated, “The FX Code signifies a new era of accountability and compliance. This is not merely a set of guidelines but an enforceable framework. Violations will be met with swift penalties and administrative actions under the CBN Act and BOFIA Act.”

He urged Board Chairs, Managing Directors, and Chief Compliance Officers of financial institutions to embed the Code’s principles in their organizations.

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