The Office of the National Security Adviser (ONSA) and the Central Bank of Nigeria (CBN) have launched a joint effort to combat illicit activities conducted by foreign and local currency speculators. This collaborative initiative, which involves other 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), aims to identify and penalize individuals sabotaging the nation’s foreign exchange market.
Zakari U. Mijinyawa, the head of strategic communication at ONSA, disclosed the joint move in a statement on Tuesday, February 20. The effort is designed to enhance sustainable economic growth by addressing challenges impacting the country’s economic stability, particularly in the foreign exchange market.
Despite previous efforts by the EFCC, including the establishment of a 7,000-man special task force, the statement emphasized that the criminal activities of currency speculators and economic saboteurs persist. The ONSA and CBN collaboration seeks to address these challenges through a coordinated approach with key law enforcement agencies.
The partnership involves the Nigeria Police Force, the EFCC, the Nigeria Customs Service, and the NFIU. The primary objectives include systematically identifying, thoroughly investigating, and appropriately penalizing individuals and organizations involved in wrongful activities within the foreign exchange market.
By leveraging the expertise of these agencies, the government aims to deter malicious practices, protect investor interests, and promote sustainable economic growth. This joint effort underscores the commitment of the Nigerian government to improve its Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) framework, with the ultimate goal of exiting the grey list of the Financial Action Task Force.
The statement acknowledged the commendable proactive measures taken by the CBN to stabilize the foreign exchange market and stimulate economic activities. However, it highlighted that the effectiveness of these initiatives has been undermined by speculators, both domestic and international, contributing to the depreciation of the Nigerian Naira, inflation, and economic instability. The collaborative effort seeks to address these challenges and foster a stable and transparent foreign exchange market, thereby promoting investor confidence and advancing the nation’s economic well-being.
