CBN Chief Warns Banks, BDCs: Adhere to FX Code or Face Consequences

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has issued a stern warning to commercial banks and Bureau De Change (BDC) operators, emphasizing strict adherence to the newly introduced Foreign Exchange (FX) Code.

Speaking at the FX Code launch on Tuesday, Cardoso underscored the CBN’s commitment to transparency and ethical financial practices.

“The FX Code is a binding pledge to accountability and openness—we all have a role to play,” he declared.

He further cautioned that any attempt to manipulate the forex market would no longer be tolerated.

“This marks a definitive end to market distortions and signals a new era driven by fairness, trust, and market principles,” Cardoso affirmed.

Following the FX Code rollout, the Naira saw a significant appreciation against the dollar across both official and parallel exchange markets.