The Office of the National Security Adviser, ONSA, and the Central Bank of Nigeria, CBN, have moved against local and foreign currency speculators in the country.
The office of the NSA made this known on Tuesday in Abuja, saying law enforcement agencies such as the Nigeria Police Force, NPF, the Economic and Financial Crimes Commission, EFCC, and the Nigeria Financial Intelligence Unit, NFIU, are part of the scheme to deal with speculators.
The NSA announcement comes on the back of the raid by the Economic and Financial Crimes Commissions, EFCC, offices of some bureau the change offices in the nation’s capital on Monday.
The federal government has blamed currency speculators for the rising value of the Dollar against the Naira.
The Nigerian currency has experienced its worst performance in the last few weeks, exchanging for N1,850 to the American dollar at the close of business on Tuesday.
According to the statement released by the head, strategic Communication, the ONSA office, Zakari U. Mijinyawa, he said the two agencies cannot stand aloof while some persons are trying to destroy the naira, and the forex market.
The saboteurs, he said, are trying to destroy the economy through their action, which the would not allow to happen.
In the quest “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,” the statement said.
“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,” the ONSA concluded.
Recall that Godwin Emefiele, the embattled former CBN Governor had taken a similar measure against Aboki fx, a popular online currency ‘speculator’ three years ago in other to save the Naira from crashing, but not a few in the industry are doubtful whether the CBN actually succeeded because the misfortune of the naira has further nosedived since then.
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