Abuja: The Tinubu Media Support Group (TMSG) has described the Nigeria Foreign Exchange code (FX code) as the beginning of a new era of regulation in the country’s foreign exchange market. In a statement on Sunday by Mr Emeka Nwankpa, its Chairman, TMSG maintained that the new regulations would prevent a situation that led the Central Bank of Nigeria (CBN) to launch a forensic audit into the seven billion dollars backlog it inherited.
According to News Agency of Nigeria, TMSG stated, “We see the Central Bank’s introduction of the new code of ethics to guide operations in Nigeria’s foreign exchange market as long overdue.” The group highlighted the end of the era of multiple exchange rates, emphasizing that the new regulations would enhance transparency and help stabilize the naira. They referenced CBN Governor Olayemi Cardoso’s comments on the forensic audit, noting the Nigerian forex environment’s history of unethical practices that the apex bank is now addressing.
The group praised the CBN governor’s directive to bank executives regarding zero tolerance for infractions, warning that any institution violating the FX code would face decisive sanctions. They noted, “With the signing of the commitment charter by chief executives of banks at the launch of the FX code, we dare say that Nigeria is at the verge of a new era of professionalism and ethical operation in the foreign exchange market.”
Additionally, TMSG observed that Nigerians have already begun to see improvements in the forex market, with the naira becoming more stable and appreciating further in the parallel market even before the official launch of the FX code. They urged CBN leadership to maintain their efforts to entrench good governance, restore sanity in the forex market, and strengthen the naira.