The Office of the National Security Adviser and the Central Bank of Nigeria have joined forces to deal with forex speculators in the country and address challenges impacting the nation’s economic stability.
In a statement, spokesperson for the NSA, Zakari Mijinyawa, said the activities of speculators, both domestic and international, operating through various channels, have exacerbated the depreciation of the naira, contributed to inflation and economic instability in Nigeria.
Mr. Mijinyawa said to reduce the pressure on the naira, the Economic and Financial Crimes Commission, EFCC, had raised a 7,000-man special task force across its 14 zonal commands to clamp down on dollar racketeers.
He 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, the Economic and Financial Crimes Commission, the Nigeria Customs Service and the Nigeria Financial Intelligence Unit.
