NECA Commends CBN’s FX Code, Calls for Effective Implementation to Support Business Growth

Dike Onwuamaeze

The Nigeria Employers’ Consultative Association (NECA) has commended the Central Bank of Nigeria (CBN) for the launch of the Nigerian Foreign Exchange (FX) Code, describing it as a strategic policy initiative that would enhance transparency, ethical conduct and governance in Nigeria’s FX market.

The Director-General of NECA, Mr. Adewale-Smatt Oyerinde, said,  “the introduction of the FX Code is a commendable step towards enhancing transparency, integrity, and professionalism in Nigeria’s foreign exchange market. This aligns with NECA’s advocacy for policies that foster a conducive business environment and economic stability.”

Oyerinde further emphasised that NECA believed, “the FX Code will not only promote ethical conduct among market participants but also bolster investor confidence, which is crucial for economic growth.

“NECA encourages all stakeholders to familiarise themselves with the provisions of the FX Code and ensure full compliance to achieve its objectives.”

He, however, noted that the success of the FX Code would depend on effective implementation, enforcement, and stakeholder buy-in.

“It is critical that the CBN ensures full compliance with the FX Code across all market participants, including banks, Bureau De Change operators, and corporate entities. There must also be periodic reviews and stakeholder engagements to fine-tune the policy where necessary,” he said.

While expressing NECA’s commitment to robust engagement with the CBN, the director general urged the CBN to take a second look at the contentious forex forward challenge that has crippled many legitimate businesses.

According to him, it is in the best interest of the economy for all stakeholders to align on issues that would promote rapid development and inclusive growth.