ONSA, CBN Collaborate to Tackle Forex Speculators

The Office of the National Security Adviser (ONSA) and the Central Bank of Nigeria (CBN) have joined forces to crack down on forex speculators across the nation, in a bid to address the challenges affecting Nigeria’s economic stability.

The forex crisis, which has caused economic distress and triggered protests nationwide, has prompted this strategic partnership aimed at safeguarding Nigeria’s foreign exchange market and curbing speculative activities.

In a statement issued by Zakari Mijinyawa, the Head of Strategic Communication at ONSA, it was revealed that the alliance involves a coordinated effort with key law enforcement agencies such as 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,” Mijinyawa explained.

He emphasized that the collaboration aims to deter malicious practices, protect investor interests, and promote sustainable economic growth. Additionally, it underscores the commitment of the Nigerian government to enhancing its Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) framework.

Mijinyawa commended the proactive measures taken by the CBN to stabilize the forex market and stimulate economic activities. However, he noted that the effectiveness of these initiatives has been undermined by the activities of speculators, both domestic and international.

“To address the exchange rate volatility, the CBN initiated a comprehensive strategy to enhance liquidity in the forex market. Despite these efforts, recent intelligence reports have highlighted continued illicit activities within the Nigerian foreign exchange market,” he added.

As part of the collaborative approach, the EFCC has deployed a 7,000-man special task force across its 14 zonal commands to clamp down on dollar racketeers and reduce pressure on the forex market.