Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has issued a stern warning to commercial banks and Bureau De Change (BDC) operators regarding compliance with the newly introduced Foreign Exchange (FX) Code.
Speaking at the launch of the FX Code in Abuja, Cardoso emphasized that any violation of the Code will attract prompt and severe penalties.
The FX Code aims to ensure transparency and curb unethical practices in Nigeria’s financial sector
Cardoso stated that deliberate FX market distortions will no longer be tolerated and that the Code represents a firm commitment to fairness, trust, and market-driven principles.
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