NSA’s office, CBN join forces to hunt down Forex speculators, economic saboteurs

In a bid to protect Nigeria’s foreign exchange market and counteract speculative actions, the Office of the National Security Adviser (ONSA) has collaborated with the Central Bank of Nigeria (CBN) to tackle issues affecting the nation’s economy and clamp down on market speculators.

In a Tuesday statement, Zakari U. Mijinyawa, Head of Strategic Communication at the ONSA, emphasized the importance of the decision to stabilize the foreign exchange market and boost economic activities.

Praising the CBN for its vigilance in stabilizing the market, the ONSA expressed regret that the efforts were being thwarted by the actions of speculators, both locally and globally.

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He said: “Recall that, to address the exchange rate volatility, the CBN initiated a comprehensive strategy to enhance liquidity in the forex market, including unifying FX market segments, clearing outstanding FX obligations, introducing new operational mechanisms for Bureau De Change operators, enforcing the Net Open Position limit for commercial banks, and adjusting the remunerable Standing Deposit Facility cap.

“To reduce the pressure on the naira, the Economic and Financial Crimes Commission (EFCC) has raised a 7,000-man special task force across its 14 zonal commands to clamp down on dollar racketeers.

“Yet, recent intelligence reports have highlighted continued illicit activities within the Nigerian foreign exchange market, the ONSA and CBN are therefore embarking on this collaborative approach to tackle these infractions.”