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FOREX code, Cardoso’s approach to stabilizing the naira
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By Dr. Ibrahim Modibbo
Within hours after the launch of foreign exchange code by the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, on January 28, 2025, in Abuja, the positives from this move by the apex bank emerged as the naira appreciated against the US dollar. Following the launch of the FX code on Tuesday, the naira appreciated by 0.97 percent, gaining N16 against the dollar in the parallel market, by trading at an average rate of N1, 634 compared to N1, 650 it traded on Monday. In the official window, data from the CBN revealed that the naira was quoted at N1, 533.50 to the dollar at the Nigerian Foreign Exchange Market (NFEM).
Cardoso’s newly introduced FX code is aimed at improving market liquidity, enhancing transparency, and providing guidance for all those participating in the country’s foreign exchange sector. The code represents a set of principles that are not only encouraged, but accepted as best practices in the global foreign exchange market. The CBN as the regulator of Nigeria’s turbulent forex market drafted the FX code to address risks associated with the emerging financial landscape in the nation, while also strengthening the integrity and functionality of the foreign exchange market.
The CBN in developing the FX code is responding to Nigeria’s financial transformation in recent years and the attendant risks associated with such a growth, in spite of significant progress recorded. The code seeks to establish standards that ensure the efficient functioning of the wholesale FX market, further reinforcing the country’s flexible exchange rate system. It will further promote a robust market that’s characterised by fairness, openness, and adequate transparency, enabling a diverse group of participants to engage effectively at competitive rates that reflect accurate market information. It outlines behavioral standards and best practices that align with global expectations.
Addressing industry players at the launch and alluding to the deep insights and interactions with them, Cardoso said that the acceptance of the FX code reflects the collective vision of everyone for a foreign exchange market built on integrity, fairness, transparency and efficiency, based on its critical nature for Nigeria’s economic growth and stability.
Making reference to the words of the late Nelson Mandela, on the need for leaders to be great listeners, the CBN governor admitted that the apex bank through its interactions with industry players, better understands the perspectives, concerns, and recommendations they expressed. He said the ideas shared reaffirmed the collective commitment to shaping a more resilient and transparent FX market.
He declared that the FX code represents a decisive step forward by the CBN, to set a clear and enforceable standards for ethical conduct, transparency, and good governance in Nigeria’s foreign exchange market. The code, Cardoso added is a firm signal that business-as-usual in the forex market has ended because the code is a blueprint for the future, that is grounded in the hard lessons of the past.
“We must not forget where we are coming from. The era of multiple exchange rates, which created privileges for a select few at the expense of most Nigerians, severely undermined market integrity. As an example, the $7billion of FX backlogs that has taken over 12 months to verify has led to the discovery of multiple unethical and even illegal practices that we should not be proud of as a nation,” he disclosed.
The CBN governor further stated that the period of unprecedented ways-and-means-financing that inflicted significant damage on Nigeria’s economy, contributing to rising inflation, currency depreciation, and eroded public confidence in government’s ability to deal with adverse economic issues is over.
“These practices must never return. The FX Code is a firm rejection of such distortions and an equally firm commitment to a future defined by fairness, trust and market-driven principles. Let us be clear: the system itself played a key role in the challenges of the past.
“Unethical behaviours and systemic abuses – whether by those with privileged access or by complicit participants – eroded public trust and harmed our economy. We will not tolerate any attempts to revert to those practices. Any individual or institution that violates the FX Code will face swift and decisive sanctions,” Cardoso warned.
Predicting the future, he expressed confidence that the nation’s journey towards market reforms is already yielding positive results. According to him, 2024 was marked by structural reforms which sought to return the naira to a freely determined market price and ease volatility.
Such reforms include the discontinuation of quasi-fiscal interventions, unifying the exchange rate windows, clearing a backlog of foreign exchange commitments, and recalibrating monetary policy tools to redirect the course of Nigeria’s economy, restore order and credibility to our FX market, and refocus the CBN on discharging its core mandates.
Cardoso used the opportunity of the FX code to reel out some notable achievements of his stewardship, pointing to the introduction of the Electronic Foreign Exchange Matching System (EFEMS) in December 2024 that has improved market transparency and efficiency. Since its launch, the naira has appreciated significantly—from ₦1, 663.90 on December 2,
2024, to ₦1, 536.72 as of January 28, 2025. Also worthy of mention is the country’s external reserves that have grown by 12.74 percent, reaching $40.68 billion at the end of 2024.
He emphasized the importance of exchange rate stability, describing it as the cornerstone of macro-economic health for an economy like Nigeria’s. The apex bank governor said that beyond daily market rates, the exchange rate influences critical indicators such as the balance of payments, external reserves, international trade, inflation, economic growth, and foreign investment. These factors collectively, he submitted shape the economic welfare of the nation and that of Nigerians.
To Cardoso, tackling rising inflation remains a major challenge of the CBN under his watch, as in his view, rising prices erode the purchasing power of Nigerians and increases the cost of living. However, he believes strongly too that by fostering an exchange rate stability, the problem of inflation can be tackled head-on.
The FX code, the CBN chief asserted marks a new era of compliance and accountability. The code, he declared is not just a set of recommendations, but an enforceable framework, warning industry players that under the CBN Act, 2007 and BOFIA Act, 2020, violations will be met with penalties and administrative actions. He told stakeholders who attended the launch that they must recognize that adherence to the code is not merely about compliance but about restoring public trust in Nigeria’s financial system.
“Beyond the foreign exchange market, the FX code forms part of our renewed focus on compliance across the financial services industry and I am particularly pleased that we have the leadership of the industry to reinforce a collective commitment to the journey ahead. Self-regulation and conduct are at the core of the changes in culture we expect to see at play in the industry, and I expect the principles of the FX code to be applied across other business areas.
“The FX code is built on six core principles—ethics, governance, execution, information sharing, risk management and compliance, and confirmation and settlement processes. These principles align with international standards, while addressing Nigeria’s unique challenges. Together, they provide the foundation for a resilient and transparent market that inspires confidence among both domestic and international participants.
“Today, as we formally launch the FX code, I call on all market participants to embrace its principles wholeheartedly. The six guiding principles and 52 sub-principles must become the standard for conduct across all participating institutions. Leaders in this room – board chairs, managing directors, and chief compliance officers – must lead from the front. Embedding these standards within your organizations is not optional,” Cardosa stated.
He reiterated that the eras of opaque practices is over because the CBN will not hesitate to deal with any institution or individual that undermines the integrity of the financial markets. The code, he added, serves as a collective pledge to transparency, ethical conduct, and fairness in the forex market, and that most importantly, through strict adherence to thev code, Nigeria can build a financial ecosystem that embodies resilience, global competitiveness, and economic prosperity.
Dr Modibbo is an Abuja based Development communication analyst.
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Paternity Tests: 1 In 4 Men Not Biological Fathers Of Their Children
About one in four paternity tests conducted by Smart DNA Nigeria returned negative results in its 2025/2026 reporting period, its latest annual DNA Testing Report has revealed.
The company, in a statement on Sunday, August 22, 2026 in Lagos, said the report confirmed that 23.6 per cent of recorded paternity test outcomes were negative, meaning the tested man was not the biological father.
According to the report, the negative paternity outcome declined marginally from 24.0 per cent in the preceding year and 26.1 per cent in 2023.
The report, however, cautioned against interpreting the figure as evidence that one in four Nigerian children is not biologically related to the man regarded as the father.
It stressed that its clients were people who had already developed sufficient doubts or reasons to seek DNA testing.
The report also revealed that 87 per cent of DNA tests conducted were ‘Peace of Mind tests’, representing private, self-initiated tests undertaken outside legal, immigration or court proceedings.
It said the proportion increased from 83.7 per cent in the preceding reporting period, indicating that personal concerns and the desire for certainty largely drove DNA testing in Nigeria.
Immigration-related tests accounted for 9.7 per cent, legal tests 1.9 per cent, avuncular tests one per cent, while prenatal testing represented 0.4 per cent of recorded cases.
The report further showed that older men accounted for the majority of male clients seeking DNA tests, with men aged 41 years and above representing 48 per cent of age-classified male records.
Men aged between 31 and 40 accounted for another 35.8 per cent, meaning that men above 30 constituted 83.8 per cent of the male testing population.
On the other hand, 59.5 per cent of tested individuals were children aged five years and below, a figure that remained virtually unchanged from the previous reporting period.
The company said the concentration of testing among younger children suggested that many families preferred to resolve questions surrounding biological relationships early, although the data could not establish the reasons behind the trend.
Geographically, Lagos accounted for 75.1 per cent of all classified cases, rising from 69 per cent in the preceding period.
Lekki recorded the highest number of named locations in Lagos, followed by Ajah, Ikorodu, Yaba and Ikeja, while Lagos Mainland accounted for 61.6 per cent of Lagos cases with specific location classifications.
Outside Lagos, Ogun recorded the highest testing activity, followed by Delta, Oyo, Rivers, Enugu, Edo, Abuja, Imo and Kwara.
The report said testing activity outside Lagos increased during the period, suggesting that awareness and demand for DNA testing were gradually spreading across other parts of the country.
It further revealed that men initiated 78.6 per cent of recorded first contacts with the company, compared with 15.2 per cent by women.
The ethnic distribution of clients was led by Yoruba at 52.6 per cent, followed by Igbo at 29.1 per cent, Edo at 5.8 per cent and a combined 5.4 per cent for Delta, Ijaw, Isoko, Urhobo and Itsekiri groups.
The Hausa accounted for one per cent.
Smart DNA said the figures reflected its geographical and client base rather than differences in paternity behaviour among ethnic groups.
The company also warned that its findings should not be generalised to the entire Nigerian population, stressing that its clients were not a random sample of Nigerian families.
It said the 23.6 per cent negative result represented its testing population, a group in which doubts about biological relationships already existed and therefore could not be used to estimate the prevalence of non-paternity across Nigeria.
The report maintained that while DNA testing could provide highly accurate answers to biological questions, it could not independently explain the social, cultural, economic or relationship circumstances that led families to seek such tests.
News
JAMB unveils new system, permits candidates to upload their O’Level results from homes
The Joint Admissions and Matriculation Board (JAMB) has unveiled a new system allowing candidates to upload their O’Level results from the comfort of their homes, while the Board verifies the results directly with the relevant examination bodies.
Acting Director, Public Affairs and Protocol, JAMB, Dr Fabian Benjamin, who announced this in a statement on Monday, said the initiative, which begins with the West African Examinations Council (WAEC), is aimed at making the process of O’Level result verification and upload easier, faster, safer and more convenient for candidates.
According to him, under the new arrangement, candidates would no longer need to visit Computer-Based Test (CBT) centres solely for the purpose of uploading their O’Level results, noting that JAMB would verify their results directly against records held by the issuing examination bodies before the results are uploaded to their profiles.
Benjamin said the initiative was part of the Board’s renewed commitment to deploying technology to improve service delivery and reduce unnecessary visits to CBT centres, queues and manual processes.
He added that the new system would also address challenges associated with manual O’Level result uploads, including misplaced or mixed-up paper results, submission of unverified or fraudulent results, as well as errors in the manual entry of subjects and grades.
The Board explained that the integration of its e-Facility platform with examination bodies would enable candidates’ results to be verified directly against the records of the issuing bodies before being downloaded into their JAMB profiles.
The JAMB spokesperson explained that to use the service, candidates are required to first obtain a Result Verification Code, adding that they are to visit buyresultsverificationcode.ng, enter their National Identification Number (NIN) and verify it, after which they will select the number of sittings and the relevant examination body or bodies.
“Candidates will then provide their email address and GSM number, make payment through the available payment options and enter their examination details, including examination number, series and year.
“After successful verification, candidates will obtain a Verification Code. The second stage involves sending ‘VERIFY’ followed by the Verification Code to 55019 or 66019.
“The result will then be uploaded and the candidate will receive a notification. Candidates with two sittings will subsequently be directed to their profiles on JAMB’s e-Facility platform, where they will select 2026 UTME O’Level Upload.
“They will enter their Verification Code, after which their two verified results will be displayed. Candidates are required to select a minimum of five and a maximum of nine subjects, ensuring that no subject is selected more than once, before clicking ‘Apply the O’Level Results’ to complete the process,” the Board stated.
Benjamin further stated that the verification service would provide candidates with a convenient alternative, particularly during periods of high patronage and network challenges at CBT centres.
According to him, the initiative reflects the commitment of the Board’s sixth Registrar, Prof Segun Aina, to building a more customer-oriented and technology-driven service delivery system.
He added that the Board would continue to deploy technology and collaborate with relevant examination and government agencies to make its services simpler, safer and more accessible to candidates. (Nigerian Tribune)
News
Eid El Maulud: Akpabio Felicitates Muslims, Seeks Prayers For Peace, Unity
The President of the Senate, Senator Godswill Akpabio, has felicitated the Muslim Ummah in Nigeria and across the world on the occasion of Eid el Maulud, the celebration of the birth of Prophet Muhammad (SAW).
In a congratulatory message through his Special Adviser on Media and Publicity, Hon. Eseme Eyiboh, Senator Akpabio described the life and teachings of the Holy Prophet as a timeless example of compassion, tolerance, humility, and service to humanity.
“As we commemorate this sacred day, I urge our Muslim brothers and sisters to reflect on the virtues of the Prophet and to offer special prayers for peace, unity, and progress in our dear country, Nigeria,” the President of the Senate said.
He noted that Nigeria’s strength lies in its diversity, and called on all citizens to embrace love, forgiveness, and mutual respect regardless of faith or ethnicity.
“In these times, our nation needs the prayers of all religious leaders and faithful. Let us use this period to pray for our leaders, for security, economic prosperity, and for the unity that binds us together as one people under God,” he added.
Senator Akpabio reaffirmed the commitment of the 10th Senate under his leadership to promote legislation and policies that protect religious freedom, foster national cohesion, and improve the welfare of all Nigerians.
He felicitated President Bola Ahmed Tinubu, GCFR and Vice President Kashim Shettima, and wished the Muslim community a peaceful and joyous Eid el Maulud celebration.
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