By Milcah Tanimu
The Nigeria Employers’ Consultative Association (NECA) has praised the Central Bank of Nigeria (CBN) for launching the Nigerian Foreign Exchange (FX) Code, describing it as a crucial initiative to enhance transparency, ethical conduct, and governance in the FX market.
Mr. Adewale-Smatt Oyerinde, NECA’s Director-General, commended the introduction of the FX Code, stating it was an important step toward improving professionalism and integrity in the FX market. This move aligns with NECA’s ongoing advocacy for policies that foster economic stability and a conducive business environment.
Promoting Ethical Conduct and Investor Confidence
Oyerinde emphasized that the FX Code is designed to enhance ethical conduct among market participants and boost investor confidence—key drivers of economic growth. He urged stakeholders to understand and fully comply with the FX Code’s provisions.
Focus on Effective Implementation and Compliance
While NECA commended the initiative, Oyerinde pointed out that the success of the FX Code hinges on effective implementation and strict enforcement. He stressed the importance of ensuring compliance among all market participants, including banks, Bureau De Change operators, and corporate entities. Oyerinde also called for regular reviews and stakeholder consultations to refine the policy for long-term success.
