NSA, CBN join forces to curb illicit activities in forex market

In its bid to strengthen Nigeria’s foreign exchange market, the Office of the National Security Adviser (ONSA) says it has joined forces with the Central Bank of Nigeria (CBN).

The concerted effort is aimed at tackling issues affecting the nation’s economy and clamping down on market speculators.

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

Mijinyawa lauded the apex bank for its efforts in stabilizing the market, but the ONSA expressed regret that the efforts were being thwarted by the actions of speculators, both locally and globally.

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.”