The Office of the National Security Adviser, ONSA has said that CBN’s proactive measures to stabilize the foreign exchange market and stimulate economic activities in the country is being undermined by the activities of speculators, both domestic and international.

The ONSA said these unpatriotic activities were “done through various channels, thereby exacerbating the depreciation of the Nigerian Naira and contributing to inflation and economic instability”.

Consequently, ONSA said it is working jointly with the Central Bank of Nigeria (CBN) to wade into the crisis with a view to combating the speculative activities arising from the market.

The Head, Strategic Communication, Office of the National Security Adviser, Mr Zakari Mijinyawa, made this known in a statement, titled, ‘Joint Effort Between ONSA and CBN to Safeguard Nigeria’s Foreign Exchange Market and Combat Speculative Activities’.

It reads, “In a concerted effort to safeguard Nigeria’s foreign exchange market and combat speculative activities, the Office of the National Security Adviser (ONSA) and the Central Bank of Nigeria (CBN) are joining forces to address challenges impacting the nation’s economic stability.

“The CBN’s proactive measures to stabilize the foreign exchange market and stimulate economic activities have been commendable.

‘However, the effectiveness of these initiatives is being undermined by the activities of speculators, both domestic and international, operating through various channels, thereby exacerbating the depreciation of the Nigerian Naira and contributing to inflation and economic instability.

,”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.

“This partnership will involve a coordinated effort 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 primary objective of this alliance is to systematically identify, thoroughly investigate and appropriately penalize individuals and organizations involved in wrongful activities within the FX market.

“By leveraging the expertise of these agencies, we aim to deter malicious practices, protect investor interests, and promote sustainable economic growth.

“This joint effort underscores the commitment of the Nigerian government to improving its Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) framework and exiting the grey list of the Financial Action Task Force.

“In addition, the efforts will make progress in ensuring a stable and transparent foreign exchange market, fostering investor confidence, and advancing the nation’s economic well-being.”

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.

criminalmindz:
What's Ribadus budiness in this issue.

wizelink:
Deal with it. That is why you are employed.

Kenneth4u205:
Ribadu ex police man is now an economics under dullard TINUBU?

Godfullsam:
If the issue fx scarcity must end, the president has to be ready to step on toes.

Most bank officials, government officials, law makers, governors and the president himself are hoarding dollars in their various homes.

No body has the right to own dollars at all, it is not our legal tender.
Government should go after these dollar slaves, ransack their homes and jail anyone found with any foreign currency.

The government should end the activities of bureau de change with immediate effect and convert every dollar accounts in various banks to naira equivalents.
Government impose 300% tax on importation of luxury goods also.

Government should take the fight against corruption and economic saboteur serious .

Trials, prosecution and possible execution of these criminals should be done on live television for all to see and learn.
Government should include subjects that has to do with patriotism into school curriculum.

Our current leaders are a product of the society.