- FG Introduces FX Code to Address Issues Plaguing Foreign Exchange
- TMSG Hails FX Code as Game-Changer for Nigeria’s Forex Market
- TMSG collaborates With CBN to Address Foreign Exchange Problems
The Tinubu Media Support Group (TMSG) has described the newly introduced Nigeria Foreign Exchange (FX) Code as a pivotal step toward regulating the country’s forex market.
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In a statement on Sunday, TMSG Chairman, Mr. Emeka Nwankpa, emphasized that the new regulations would prevent a recurrence of the issues that led the Central Bank of Nigeria (CBN) to conduct a forensic audit on the $7 billion forex backlog it inherited.
“We view the CBN’s introduction of a new code of ethics for Nigeria’s foreign exchange market as long overdue,” the group stated.
“With the elimination of the multiple exchange rate system, this move will enhance transparency and contribute to the stability of the naira.”
TMSG noted that CBN Governor Olayemi Cardoso’s remarks on the forensic audit highlighted the prevalence of unethical practices in the forex sector—practices the apex bank is now determined to eliminate.
The group also commended the governor’s firm stance on compliance, warning that financial institutions violating the FX Code would face strict penalties.
“With bank CEOs signing a commitment charter at the launch of the FX Code, Nigeria is on the brink of a new era of professionalism and ethical conduct in the foreign exchange market,” TMSG stated.
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It further noted that even before the official introduction of the code, the forex market had witnessed greater stability, with the naira gaining strength in the parallel market.
TMSG urged the CBN leadership to remain steadfast in its commitment to good governance, market stability, and a stronger naira.
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