The Office of the National Security Adviser (ONSA) and the Central Bank of Nigeria (CBN) have joined forces to combat illegal activities in the foreign exchange market by currency speculators, both local and foreign.
This collaborative effort involves various security and law enforcement agencies such as the Nigeria Police Force (NPF), the Economic and Financial Crimes Commission (EFCC), and the Nigeria Financial Intelligence Unit (NFIU). The goal is to identify and punish those undermining the nation’s economy.
Zakari U. Mijinyawa, head of strategic communication at ONSA, announced this initiative, emphasizing its role in promoting sustainable economic growth. Despite previous efforts by the EFCC, including the formation of a 7,000-member special task force, illicit activities persisted in the foreign exchange market.
This new partnership aims to address these challenges comprehensively. By coordinating with law enforcement agencies, including the Nigeria Customs Service, the alliance intends to investigate and penalize individuals and organizations involved in wrongful activities within the FX market.
The primary objective is to deter malicious practices, protect investor interests, and promote sustainable economic growth. Moreover, it aligns with Nigeria’s commitment to improving its Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) framework and achieving stability in the foreign exchange market.
While commending the CBN’s proactive measures, the statement acknowledges that speculators continue to undermine these efforts, contributing to currency depreciation, inflation, and economic instability. The CBN’s initiatives to stabilize the forex market, such as enhancing liquidity and introducing operational mechanisms, have been hindered by speculators’ activities.