Skip to main content

ONSA, CBN Move To Clampdown On FOREX Racketeers


As part of its efforts to end dollarisation of the naira, the Office of the National Security Adviser (ONSA) has joined forces with the Central Bank of Nigeria (CBN) to clampdown on Foreign Exchange (FOREX) racketeers. 

This followed a recent intelligence report that revealed continuous illicit activities within the Nigerian foreign exchange market. 

Head of Strategic Communication at ONSA, Mr Zakari Mijinyawa said on Tuesday in Abuja that both agencies are determined to tackle the infractions headlong. 

He noted that the partnership would involve a coordinated effort with key law enforcement agencies such as the Nigeria Police Force (NPF), Economic and Financial Crimes Commission (EFCC), Nigeria Customs Service and Nigeria Financial Intelligence Unit (NFIU).

Mijinyawa informed that the primary objective of the alliance is to systematically identify, thoroughly investigate and appropriately penalise individuals and organisation involved in wrongful activities within the FX market.

He hinted that by leveraging the expertise of security agencies, they would deter malicious practices, protect investor interests and promote sustainable economic growth.

“The 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,” he added.

He said that the CBN’s proactive measures to stabilise the foreign exchange market and stimulate economic activities had been commendable.

The spokesperson disclosed that the effectiveness of the initiatives is  undermined by both domestic and international speculators operating through various channels.

This, he believed is worsening the depreciation of the naira, thereby contributing to inflation and economic instability.

Mijinyawa recalled 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 and introducing new operational mechanisms for Bureau De Change operators.

He stated that the CBN is also enforcing the Net Open Position limit for commercial banks, and adjusting the remunerable Standing Deposit Facility cap.

The spokesperson pointed out that to reduce pressure on the naira, EFCC raised a 7,000-man special task force across its 14 zonal commands to clamp down on dollar racketeers.

Comments

Post a Comment

Popular posts from this blog

EHCON Moves To Rebrand Environmental Health Sector Using Artificial Intelligence

BY CHIKA OKEKE, Abuja   Dr Yakubu Baba The Environmental Health Council of Nigeria (EHCON) has taken cogent steps to rebrand the environmental health sector using artificial intelligence.  Already, plans are underway to extend the initiative across the six geopolitical zones, as no community would be sidelined.  The Registrar of EHCON, Dr Yakubu Baba stated this in Abuja at a 3-day workshop organised by EHCON in collaboration with Afri-Tourism Investment Limited and West Africa Gas Pipeline Authority (WAGPA) with the theme: "AI-Driven Operations and Predictive Analysis." The essence of the workshop is to improve environmental health practice and prevent emerging diseases using artificial intelligent.   It is expected to empower Environmental Health Officers (EHOs) with the necessary digital skills needed to deepen environmental health practice and provide workable  solutions to problems.  Baba noted that integrating AI into environmental he...
Post a Comment
Read more

CCB, NILDS Endorse CIFCFIN Agenda To Eliminate Fraud

BY CHIKA OKEKE, Abuja Iliyasu Gashinbaki  The Code of Conduct Bureau (CCB) and National Institute for Legislative and Democratic Studies (NILDS) have endorsed the agenda of the Chartered Institute of Forensics and Certified Fraud Investigators of Nigeria (CIFCFIN), aimed at eliminating fraud from systems of government.  This was one of the major highlights during the Institute’s 13th Direct Training/Licensed Practitioners Training/graduation and award of Fellowship at NILDS headquarters, Abuja.  Speaking after his investiture as an Honourary Fellow of the Institute, Chairman of CCB, Dr. Abdullahi Bello noted that CIFICFIN embodies excellence, integrity and a steadfast commitment to combating fraud and upholding justice. He pointed out that to be recognised and honoured as a fellow of the institute is a privilege that he will cherish and carry with great responsibility.  “As the Chief Executive of CCB, I am reminded of the critical role we play in fosterin...
Post a Comment
Read more

EHCON Seals Deal With EPHAN On Sustainable Environmental Solutions

BY CHIKA OKEKE, Abuja L-R- Registrar/ CEO of EHCON Dr. Yakubu Mohammed Baba and President of EPHAN, Dr. Samuel Akingbehin during a strategic engagement session on Friday in Abuja. In line with the Renewed Hope Agenda, the Environmental Health Council of Nigeria (EHCON) has sealed a deal with Public Health Association of Nigeria (EPHAN) on sustainable environmental solutions.  The partnership wlll also bolster  speedy implementation of the Sustainable Development Goals (SDGs) on environmental and public health.  News Rider reports that SDG 3 places emphasis on good health and well-being through the reduction of noncommunicable diseases, combatting waterborne diseases.; as well as lowers death and illness from exposure to hazardous chemicals and air, water, and soil pollution.  This is even as SDG 6 guarantees clean water and sanitation through universal and equitable access to safe and affordable drinking water and sanitation.  Addressing the media du...
Post a Comment
Read more