• About
  • Advertise
  • Contact
Thursday, September 11, 2025
  • Login
Vital News
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security
No Result
View All Result
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security
No Result
View All Result
Vital News
No Result
View All Result
Home Economy

FX Code Will Stabilize Naira, Ensure More Transparent Forex Market – TMSG

Vital News by Vital News
February 2, 2025
in Economy
0
CBN Raises Interest Rate To 27.5pct
Share on FacebookShare on Twitter

The Tinubu Media Support Group (TMSG) says the Nigeria Foreign Exchange code (FX code) recently introduced by the Central Bank of Nigeria (CBN) is the beginning of a new era of regulation in the country’s foreign exchange market.

The group stated this in a
statement signed by its Chairman Emeka Nwankpa and Secretary Dapo Okubanjo.

TMSG in the statement obtained by Vital News on Sunday maintained that the new regulations would prevent a situation that led the current CBN leadership to launch a forensic audit into the $7 billion backlog it inherited.

“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.

“Coming off the back of the end of the free-for-all that bookmarked the era of multiple exchange rate, it is clear the move would enhance transparency and help stabilize the naira.

RelatedStories

Dangote Cement Pays Over N3.3trillion Dividends To Shareholders In 15 years

Ogun Is Nigeria’s Top Investment Destination, Gov Abiodun Tells AfCFTA Panel In Algiers

NNPCL MD, Ojulari Raises Alarm Over Serious Threat To Life, Other Top Shots

Dangote Group, EIH Partner To Build $2.5billion 3million Metric Tons Fertiliser Plant In Ethiopia

“Listening to the CBN Governor Olayemi Cardoso speak on the forensic audit of the $7 billion backlog, it is obvious that the Nigerian forex environment was replete with unethical practices that the apex bank is no longer prepared to tolerate.

“For us, it was heartwarming hearing the CBN governor reading the riot act to bank executives about the bank’s zero tolerance to attempts to revert to the past with a clear warning that any individual or institution that violates the FX code will face swift and decisive sanctions.

“We agree with Cardoso’s submission that exchange rate stability remained a ‘cornerstone of macroeconomic health for the Nigerian economy that is capable of influencing critical indicators including balance of payments, external reserves, international trade, inflation, economic growth, and foreign investment.

“And 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 on the cusp of a new era of professionalism and ethical operation in the foreign exchange market.

“It is also not surprising that even before the launch, Nigerians have been witnessing some sanity in recent months in the forex market with the naira becoming more stable while also appreciating further in the parallel market,” it added.

The group urged the CBN leadership to stay the course in its quest to entrench good governance and restore sanity in the forex market as well as strengthen the naira. (vitalnewsngr.com)

.

Tags: banksCBNcodeforex
Previous Post

FRSC Confirms 30 Dead In Ondo Accident

Next Post

Again, NDLEA intercepts 2,000kg Skunk Coming From Ghana At Lekki Beach

Vital News

Vital News

RelatedStories

Dangote Cement Pays Over N3.3trillion Dividends To Shareholders In 15 years
Business

Dangote Cement Pays Over N3.3trillion Dividends To Shareholders In 15 years

September 10, 2025
Ogun Is Nigeria’s Top Investment Destination, Gov Abiodun Tells AfCFTA Panel In Algiers
Business

Ogun Is Nigeria’s Top Investment Destination, Gov Abiodun Tells AfCFTA Panel In Algiers

September 8, 2025
NNPCL Unveils New Senior Management Team
Economy

NNPCL MD, Ojulari Raises Alarm Over Serious Threat To Life, Other Top Shots

August 28, 2025
Dangote Group, EIH Partner To Build $2.5billion 3million Metric Tons Fertiliser Plant In Ethiopia
Business

Dangote Group, EIH Partner To Build $2.5billion 3million Metric Tons Fertiliser Plant In Ethiopia

August 28, 2025
Ogun Revenue Agency Lauds Dangote Cement For Exemplary Tax Compliance
Economy

Ogun Revenue Agency Lauds Dangote Cement For Exemplary Tax Compliance

August 26, 2025
Next Post
Again, NDLEA intercepts 2,000kg Skunk Coming From Ghana At Lekki Beach

Again, NDLEA intercepts 2,000kg Skunk Coming From Ghana At Lekki Beach

NEPC Says Nigeria Records 20.79% Increase In Non-oil Export In 2024

NEPC Says Nigeria Records 20.79% Increase In Non-oil Export In 2024

FG Moves To Revamp Bank Of Agriculture

FG Moves To Revamp Bank Of Agriculture

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Follow Us

Recommended

Oyo Community Leader, Alhaja Nusirat Kadewolu Adeyemi Dies At 98

Oyo Community Leader, Alhaja Nusirat Kadewolu Adeyemi Dies At 98

3 months ago
TCN Shuts Down Egbin Power Plant

TCN Shuts Down Egbin Power Plant

2 years ago
63rd Independence Anniversary : Tinubu To Address Nigerians 7am On Sunday, October 1

Tinubu Orders Investigation Into Killing Of 93 Maulud Celebrants In Kaduna 

2 years ago
May Day : Kogi Police Commissioner Felicitate With Workers, Seeks Their Partnership In Fight Against Crime

Gunmen Abduct Pastor, One Other Church Member In Kogi

2 weeks ago

Instagram

    Please install/update and activate JNews Instagram plugin.

Categories

  • Agriculture/ Water/ Mineral
  • Aviation
  • Business
  • Crime
  • Culture
  • Economy
  • Education
  • Entertainment
  • Environment
  • Football
  • Foreign
  • Gender
  • Health
  • Judiciary
  • Labour
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • Transport
  • Uncategorized

Topics

Abiodun Abuja APC arrest Atiku Bandits Bello Benue Buhari CBN cement Court Dangote death dies drugs Economy EFCC Election elections FG gunmen Hajj INEC Kano kidnap Kill Kogi Kwara Lagos NDLEA Niger Nigeria Ododo Ogun Oyo PDP Police Power refinery rescue road Security students Tinubu
No Result
View All Result

Highlights

Dangote Cement Pays Over N3.3trillion Dividends To Shareholders In 15 years

Alleged $7.2billion Fraud : Ex-NNPC CEO, Mele Kyari In EFCC Custody

A CALL TO SAVE KOGI STATE’S EDUCATIONAL SYSTEM by Friday Ogungbemi

NISO Blames Collapse Of National Grid On Tripping Of A Generation Company

Photo News : President Bola Tinubu Visits President Emmanuel Macron In France

Kogi Police Command Confirms killing Of Three Officers By Gunmen

Trending

2027 : Former APC National Chairman, John Oyegun, Aregbesola, Atiku, David Mark, Obi, Amaechi Team Up Against Tinubu
Politics

INEC Recognises Mark, Aregbesola As New National Officers Of ADC

by Vital News
September 10, 2025
0

The Independent National Electoral Commission (INEC) has formally recognized former Senate President David Mark as the new...

2025 IYD : LASG Promises To Continue To Initiate, Implement Youth – oriented Policies, Programmes

2025 IYD : LASG Promises To Continue To Initiate, Implement Youth – oriented Policies, Programmes

September 10, 2025
Police Begin Manhunt For Killers Of Three Officers, Two Vigilante In Kogi

Police Begin Manhunt For Killers Of Three Officers, Two Vigilante In Kogi

September 10, 2025
Dangote Cement Pays Over N3.3trillion Dividends To Shareholders In 15 years

Dangote Cement Pays Over N3.3trillion Dividends To Shareholders In 15 years

September 10, 2025
Alleged $7.2billion Fraud :  Ex-NNPC CEO, Mele Kyari In EFCC Custody

Alleged $7.2billion Fraud : Ex-NNPC CEO, Mele Kyari In EFCC Custody

September 10, 2025
ADVERTISEMENT
Vital News

Vital News is an online newspaper with a mission to uphold professional journalism by reporting and publishing only facts and figures-based news reports across Nigeria and beyond.

Recent News

  • INEC Recognises Mark, Aregbesola As New National Officers Of ADC September 10, 2025
  • 2025 IYD : LASG Promises To Continue To Initiate, Implement Youth – oriented Policies, Programmes September 10, 2025
  • Police Begin Manhunt For Killers Of Three Officers, Two Vigilante In Kogi September 10, 2025

Categories

  • Agriculture/ Water/ Mineral
  • Aviation
  • Business
  • Crime
  • Culture
  • Economy
  • Education
  • Entertainment
  • Environment
  • Football
  • Foreign
  • Gender
  • Health
  • Judiciary
  • Labour
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • Transport
  • Uncategorized

© 2022 Vital News - . All Rights Reserved.

No Result
View All Result
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security

© 2022 Vital News - Vital News by Vital News.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In