Security Collaboration Targets Forex Speculators


Zakari Isah - Kaduna

In a concerted effort to safeguard Nigeria's foreign exchange market and counter speculative actions, the Office of the National Security Adviser (ONSA) has joined forces with the Central Bank of Nigeria (CBN). The collaborative initiative aims to address issues impacting the nation's economy and crack down on market speculators.

Zakari U. Mijinyawa, Head of Strategic Communication at ONSA, highlighted the significance of the decision to stabilize the foreign exchange market and enhance economic activities in a statement released on Tuesday.

Commending the CBN for its vigilance in stabilizing the market, ONSA expressed regret that these efforts were being impeded by the actions of speculators, both locally and globally.

Mijinyawa stated, "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," he added.

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

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