Security Collaboration Targets Forex Speculators

Zakari Isah - Kaduna 

Nigeria's efforts to fortify its foreign exchange market and thwart speculative actions have reached a pivotal juncture with the collaboration between the Office of the National Security Adviser (ONSA) and the Central Bank of Nigeria (CBN). This joint initiative is poised to confront issues affecting the nation's economy and clamp down on market speculators.

Zakari U. Mijinyawa, Head of Strategic Communication at ONSA, underscored the importance of this decision in a statement released on Tuesday. The aim is not only to stabilize the foreign exchange market but also to invigorate economic activities on a broader scale.

While commending the CBN for its vigilance in stabilizing the market, ONSA expressed regret that these efforts were facing hindrance from speculators, both within the country and on the global stage.

Mijinyawa elaborated, stating, "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 alleviate 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," he added.

Despite these measures, recent intelligence reports have illuminated ongoing illicit activities within the Nigerian foreign exchange market. ONSA and CBN are now embarking on a collaborative approach to address these infractions, ensuring the stability of the foreign exchange landscape in Nigeria.

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