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From Adanna Nnamani, Abuja
The Group Managing Director (GMD) of United Bank for Africa (UBA), Mr. Oliver Alawuba, has applauded the Central Bank of Nigeria (CBN) for its initiative in introducing the Nigeria Foreign Exchange (FX) Code.
Alawuba said that the initiative will significantly enhance market integrity and promote a more transparent and professional foreign exchange market in the country.
The official launch of the FX Code took place on Tuesday at the CBN Corporate Headquarters in Abuja, with a gathering of key figures from the financial industry, regulators, and other stakeholders. The event marked a key moment in Nigeria’s ongoing efforts to strengthen its financial system.
Delivering a goodwill message, the UBA GMD commended the CBN for its leadership and the critical role it has played in stabilising the FX market over recent times.
Alawuba noted that the CBN’s reforms has restored investor confidence and contributed to building a more sustainable and resilient financial system in Nigeria.
He said: “The introduction of the Nigeria FX Code is a visionary step. This initiative not only complements other notable reforms of the CBN, but also sets a new benchmark for accountability and integrity in the FX market. By embedding global best practices and fostering a culture of trust and equity, the Code will enhance market efficiency, attract greater participation, and elevate Nigeria’s standing in the global financial landscape.”
He said that the FX Code would provide a unified platform for all market participants to uphold principles of fairness, ethical conduct, and professionalism.
“This launch is not just the unveiling of a framework – it is a call to action for all stakeholders to uphold the principles of fairness, ethical behaviour, and professionalism. The strength of any financial market lies in the integrity of its participants, and with the Nigeria FX Code, we now have a unified platform to reinforce this commitment.
“As we witness the ceremonial signing of this Code today, let it engender a re-awakening of our collective responsibility to safeguard the credibility of our FX market. Together, we can ensure that this market becomes a beacon of excellence, one that inspires confidence both locally and globally,” he said.
