Naira: ONSA partners CBN to stabilise forex market

The Office of the National Security Adviser (ONSA) has announced a partnership with the Central Bank of Nigeria (CBN) to safeguard foreign exchange market and combat speculative activities in the country.

The ONSA, while noting that the CBN’s proactive measures to stabilise the forex market and stimulate economic activities have been commendable, said the partnership would also help to address challenges impacting Nigeria’s economic stability.

It said this in a statement issued by its spokesperson, Zakari Mijinyawa, on Tuesday, February 20, 2024.

Mijinyawa lamented that the effectiveness of the CBN’s initiatives was undermined by the activities of speculators, both domestic and international, operating through various channels, thereby exacerbating the depreciation of the naira and contributing to inflation and economic instability.

He noted that the Economic and Financial Crimes Commission (EFCC), to reduce the pressure on the naira, has raised a 7,000-man special task force across its 14 zonal commands to clamp down on dollar racketeers.

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He added that the ONSA and CBN are therefore embarking on a collaborative approach to tackle these infractions.

The ONSA spokesman said: “This partnership will involve a coordinated effort with key law enforcement agencies, including the Nigeria Police Force (NPF), the Economic and Financial Crimes Commission (EFCC), the Nigeria Customs Service, and the Nigeria Financial Intelligence Unit (NFIU).

“The primary objective of this alliance is to systematically identify, thoroughly investigate and appropriately penalize individuals and organizations involved in wrongful activities within the FX market. By leveraging the expertise of these agencies, we aim to deter malicious practices, protect investor interests, and promote sustainable economic growth.

“This joint effort underscores the commitment of the Nigerian government to improving its Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) framework and exiting the grey list of the Financial Action Task Force.

“In addition, the efforts will make progress in ensuring a stable and transparent foreign exchange market, fostering investor confidence, and advancing the nation’s economic well-being.”

The Star