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.

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