CBN New Compliance Unit To Tackle Forex Volatility And Restore Market Confidence

CBN New Compliance Unit To Tackle Forex Volatility And Restore Market Confidence

The Central Bank of Nigeria (CBN) has announced plans to establish a new Compliance Department by the end of February 2025, aiming to enhance transparency and resilience in the nation’s financial system…READ MORE…

CBN Governor, Olayemi Cardoso, made this announcement on Thursday during the launch of the 2025 Macroeconomic Outlook by the Nigerian Economic Summit Group in Abuja.

“This transformative initiative aims to tackle past challenges, adhere to global standards, and build a transparent, resilient financial sector that drives Nigeria’s economic growth,” Cardoso stated.

The department, designed to be both “inward-facing and outward-facing,” will enforce accountability within the CBN while promoting fair practices across Nigeria’s financial ecosystem. Cardoso emphasized its critical role in fostering a robust and competitive economic environment.

In addition, the CBN unveiled a foreign exchange code to ensure clarity and fairness in market operations, stabilize exchange rates, and encourage foreign investment. Cardoso noted the code would create a level playing field for participants and support fiscal operations in critical economic sectors.

The Governor reiterated the CBN’s commitment to addressing long-standing issues in the foreign exchange market, such as speculation and volatility, while emphasizing its mission to strengthen financial institutions and support the real economy.

These measures come as Nigeria faces economic challenges, including exchange rate instability and inflation. By establishing the Compliance Department and implementing forward-looking policies, the CBN aims to restore confidence in financial institutions and position Nigeria as a competitive force in the global market.

Stakeholders have praised the initiative, expressing optimism about its potential to drive innovation, investment, and sustainable economic growth.

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