In a bid to address the challenges affecting Nigeria’s economic stability, the Office of the National Security Adviser (ONSA) and the Central Bank of Nigeria (CBN) have forged a partnership to crackdown on forex speculators.
Zakari Mijinyawa, Head of Strategic Communication at ONSA, announced the collaboration, emphasizing its focus on protecting Nigeria’s foreign exchange market and tackling speculative activities.
Mijinyawa highlighted that the joint effort would involve coordinated actions with key law enforcement agencies, including the Nigeria Police Force (NPF), the Economic and Financial Crimes Commission (EFCC), the Nigeria Customs Service, and the Nigeria Financial Intelligence Unit (NFIU).
The objective of this alliance is to systematically identify, investigate, and penalize individuals and organizations engaged in illicit activities within the FX market.
While acknowledging the CBN’s proactive measures to stabilize the foreign exchange market and stimulate economic activities, Mijinyawa pointed out that these efforts were being undermined by speculators, both domestic and international. These speculators exacerbate the depreciation of the Nigerian Naira, leading to inflation and economic instability.
Mijinyawa outlined the initiatives undertaken by the CBN to address exchange rate volatility, including strategies to enhance liquidity, unify FX market segments, and enforce regulations for Bureau De Change operators. Additionally, the EFCC has deployed a special task force to clamp down on dollar racketeers.
Despite these efforts, recent intelligence reports indicate ongoing illicit activities within the Nigerian foreign exchange market, prompting the collaborative approach between ONSA and CBN.
This joint effort aims to deter malicious practices, protect investor interests, and promote sustainable economic growth by leveraging the expertise of law enforcement agencies.
Furthermore, this partnership reflects the Nigerian government’s commitment to strengthening its Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) framework and improving its standing with international financial bodies. Ultimately, it seeks to ensure a stable and transparent foreign exchange market, boost investor confidence, and enhance the nation’s economic prosperity.
