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The Central Bank of Nigeria (CBN) and the Office of the National Security Adviser (ONSA) have formed a strategic partnership to investigate and penalize individuals engaged in illicit activities within the foreign exchange (FX) market.
Zakari Mijinyawa, ONSA’s Head of Strategic Communications, announced this collaboration in a press release on Tuesday, highlighting the joint efforts to tackle the detrimental impact of speculators—both domestic and international—operating through various channels, exacerbating the depreciation of the Nigerian naira and contributing to inflation and economic instability.
“The CBN initiated a comprehensive strategy to address exchange rate volatility, including measures to enhance liquidity in the forex market, unify FX market segments, clear outstanding FX obligations, introduce new operational mechanisms for Bureau De Change operators, enforce the Net Open Position limit for commercial banks, and adjust the remunerable Standing Deposit Facility cap,” the statement read.
“In a bid to alleviate pressure on the naira, the Economic and Financial Crimes Commission (EFCC) has established a 7,000-man special task force across its 14 zonal commands to crackdown on dollar racketeers.
“However, recent intelligence reports have revealed ongoing illicit activities within the Nigerian foreign exchange market. To address this, ONSA and CBN are embarking on a collaborative approach.”
The partnership will involve coordinated efforts with key law enforcement agencies, including the Nigeria Police Force (NPF), the Economic and Financial Crimes Commission (EFCC), the Nigeria Customs Service (NCS), and the Nigeria Financial Intelligence Unit (NFIU).
Mijinyawa emphasized that these joint efforts underscore the Nigerian government’s commitment to enhancing its anti-money laundering and counter-financing of terrorism (AML/CFT) framework and exiting the grey list of the Financial Action Task Force (FATF).
He added that these initiatives aim to establish a stable and transparent FX market, bolster investor confidence, and advance the nation’s economic prosperity.
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