FX Crisis: NSA, CBN, others to target speculators

Bisola David
Bisola David
FX payments rose to $1.3bn in February - CBN

Under the leadership of the Office of the National Security Adviser, Nuhu Ribadu, and the Central Bank of Nigeria have joined forces to address the problems impacting the nation’s economic stability and fight foreign exchange speculation.

Nairametrics stated that “the partnership is expected to involve coordinated actions with top law enforcement organizations like the Nigeria Police Force, the Economic and Financial Crimes Commission, the Nigeria Customs Service, and the Nigeria Financial Intelligence Unit,” according to a statement released on Tuesday by a spokesman for Ribadu’s office, Zakari Mijinyawa.

Mijinyawa noted that “the devaluation of the naira has been largely caused by the actions of speculators, who operate both domestically and internationally through a variety of methods. This has increased inflation and caused economic instability in Nigeria. ”

In an effort to remove its name from the Financial Action Task Force’s “grey list,” the Federal Government is demonstrating its serious intention to strengthen its anti-money laundering and counterterrorism financing regulations, according to Mijinyawa.

He declared:

“The Naira significantly declined versus the dollar when the President Tinubu-led administration unified the forex windows in mid-2023. It doubled from roughly N700/$1 to a record high of over N1,500/$1.

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