The Central Bank of Nigeria (CBN) said it has approved the release of the Nigerian Foreign Exchange (FX) Code and will officially launch the same on January 28, 2025.

The FX code serves as a guideline to the banking industry to promote ethical conduct of authorised dealers in the Nigerian Foreign Exchange Market (NFEM).

“The Bank will formally launch the Code at the CBN Head Office Auditorium, Abuja, on Tuesday, January 28, 2025,” the CBN said in a notice published on its website.

In a bid to strengthen the governance and transparency of Nigeria’s FX market, the CBN in November 2024 introduced revised guidelines for the Nigeria Foreign Exchange Market (NFEM).

A key feature of these guidelines requires the boards of banks, alongside their Chief Executive Officers (CEOs) and Chief Compliance Officers, to annually attest to the Nigeria FX Code of Ethics and Conduct. This attestation underscores their commitment to uphold market integrity and comply with all CBN-issued circulars and guidelines.

The revised guidelines aim to deepen the foreign exchange market following the consolidation of all official FX market windows. The circular, issued by Omolara Omotunde Duke, director of the CBN’s financial markets department, supersedes prior directives, including the operational changes announced on June 14, 2023, and earlier circulars dating back to 2017.

Under the new framework, authorised dealers must facilitate FX transactions for firms and individuals while ensuring compliance with regulations. These dealers are tasked with conducting due diligence, providing transparent pricing, and offering market access through digital solutions.

Furthermore, all legitimate FX transactions must occur exclusively through authorised dealers, while dealings with unlicensed intermediaries are strictly prohibited.

Bureaux de Change (BDC) operators are also included in the revised guidelines. Licensed BDCs are allowed to purchase FX from authorised dealers to meet customer needs, within the limits set by the CBN. Similarly, all FX transactions conducted by BDCs, International Money Transfer Operators (IMTOs), and authorised dealers must adhere to the terms of their licenses and the Nigeria FX Code.

Moniepoint Inc, one of Nigeria’s leading business payments and banking services platforms, has secured an investment from Visa, a global leader in digital payments.

The investment marks an important milestone in Visa’s commitment to advancing financial inclusion and shaping the future of digital payments while fostering SME growth across Africa.

Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint (formerly known as TeamApt) has established itself as a leading financial platform for Nigeria’s vast network of small and medium-sized businesses (SMEs), offering an integrated suite of services, including digital payments, bank accounts, credit, foreign exchange (FX), and management tools.

The platform processes over 1 billion transactions monthly, with total payments volume exceeding $22 billion, enabling businesses to digitize their operations and thrive in Africa’s rapidly evolving economy.

With this investment, Visa supports Moniepoint’s mission to empower African businesses, further accelerating its growth and expansion across the continent. Moniepoint’s profitable and scalable business model, alongside its strong operational and financial track record, has positioned it as a transformative force in the African fintech ecosystem.

As Africa’s Fintech landscape continues to evolve rapidly, driven by a dynamic ecosystem and a focus on bridging the financial inclusion gap, Visa has been at the forefront of this transformation, putting its expertise and resources to work in support of the growth of African Fintech startups.

Tosin Eniolorunda, Founder and Group CEO of Moniepoint Inc., said: “We are thrilled to announce Visa’s investment in Moniepoint. Visa’s backing is a strong endorsement of our vision to digitize and support African businesses at scale.

“Together, we aim to deepen financial inclusion, enabling SMEs to access the tools and resources they need to thrive in an increasingly digital economy. Given that about 83% of employment across Africa is in the informal economy, we are very keen to widen access and participation in the formal financial system and drive economic growth across Africa.”

He continued, “Visa’s expertise in global payments and Moniepoint’s proven ability to serve African businesses make this partnership an exciting opportunity in shaping the continent’s economic future even as we pave the way for a more inclusive and dynamic financial ecosystem.

“We are delighted in joining forces with Visa to enhance the digital payment infrastructure, expanding financial services, and fostering innovation in Africa.”

Andrew Torre, Regional President, Central and Eastern Europe, Middle East and Africa at Visa, added: “Moniepoint has built an impressive platform that directly addresses the needs of Africa’s SMEs, a critical segment in enabling economic development.

“By making financial services and digital payments more accessible and efficient, Moniepoint is helping transform how businesses operate in Nigeria and beyond. We are excited to support their next phase of growth and innovation.”

“Visa’s investment in Moniepoint is the latest example of our long-standing commitment to advancing digital economies in Africa. We will enable even the smallest businesses to thrive through innovative payment and software solutions that allow SMEs to scale and open new revenue opportunities, while streamlining their operations.”

Moniepoint has experienced exponential growth since its founding in 2015, with revenues increasing by over 150% CAGR in recent years. The company’s efforts to expand access to financial services align closely with Visa’s mission of enabling individuals and businesses to thrive in the global economy.

Congratulating both parties, the Nigerian Investment Promotion Commission (NIPC) celebrates this strategic investment in Moniepoint, highlighting it as proof of Nigeria’s attractiveness for investors due to its favorable business climate.

Furthermore, the NIPC praised Moniepoint as an exemplar of Nigerian excellence contributing significant value to the global financial ecosystem. The Commission emphasized its commitment to supporting investors and fostering economic cooperation in finance and technology to help Nigeria reach its full economic potential.

This partnership combines Moniepoint’s local expertise and innovative business model with Visa’s global resources and capabilities. Together, Moniepoint and Visa aim to accelerate the digital transformation of African SMEs, driving financial inclusion and long-term economic prosperity.

Visa joins other notable investors including Development Partners International, Google’s Africa Investment Fund, Verod Capital, Lightrock, QED Investors, Novastar Ventures, British International Investment (BII), FMO (the Dutch entrepreneurial development bank), Global Ventures and Endeavor Catalyst in advancing Moniepoint’s mission to create a society where everyone experiences financial happiness.

Festus Keyamo, minister of Aviation and Aerospace Development, has revealed plans by the Federal Government to establish an aircraft manufacturing firm in Nigeria.

The facility is a collaboration between XeJet and indigenous banks, aiming to transform Nigeria into a regional hub for aviation services.

Keyamo announced this during the launch of XeJet’s Maintenance, Repair and Overhaul, MRO, facility and flight support centre in Abuja.

He noted that the move aligned with the government’s vision to support local operators and boost the nation’s aviation industry.

Keyamo said: “Since we came to office, we’ve been focused on attracting MRO facilities to our aviation ecosystem, just as they exist in other parts of the world.

“We’ve searched far and wide for investors, but now we see that what we were looking for elsewhere is right here at home. This collaboration between an indigenous operator and local banks is a dream come true.”

Emphasising the project’s significance, the minister noted the inclusion of additional facilities, such as a training centre, which he described as “a huge achievement.”

Keyamo added: “This development will not only serve Nigeria but will attract users from across the West African sub-region. That’s the dream—to make this facility a regional centre for excellence.”