Ribadu Orders Clamp Down On Forex Speculators As Naira Hits N1,700 To Dollar

Nuhu Ribadu, National Security Adviser 

The Nigeria Police Force, the Nigeria Customs Service, the Nigeria Financial Intelligence Unit (NFIU), and the Economic and Financial Crimes Commission (EFCC) have all directed their agents to crack down on forex market speculators, according to National Security Adviser Nuhu Ribadu.

Ribadu stated that this is a part of the attempt to protect Nigeria's foreign exchange market and counteract the actions of local and foreign speculators who use a variety of avenues to operate.

Zakari Mijinyawa, the head of strategic communications at the Office of the National Security Adviser in Abuja, was the conduit through which Ribadu spoke on Tuesday.

He insisted that the CBN's proactive efforts to stabilize the foreign exchange market and boost economic activity had been undermined by certain people and organizations, necessitating the intervention of the NSA at this point.

“In a concerted effort to safeguard Nigeria's foreign exchange market and combat speculative activities, the Office of the National Security Adviser (ONSA) and the Central Bank of Nigeria (CBN) are joining forces to address challenges impacting the nation's economic stability.

“The CBN's proactive measures to stabilize the foreign exchange market and stimulate economic activities have been commendable.

Read: FG steps In As Oil Marketers Reduce Their Operations

“However, the effectiveness of these initiatives is being undermined by the activities of speculators, both domestic and international, operating through various channels, thereby exacerbating the depreciation of the Nigerian Naira and contributing to inflation and economic instability.

“Recall 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, introducing new operational mechanisms for Bureau De Change operators, enforcing the Net Open Position limit for commercial banks, and adjusting the remunerable Standing Deposit Facility cap.