BUSINESS POST
Nigeria has formed a joint task force, made up of leading law enforcement agencies such as the Nigeria Police Force (NPF), the Economic and Financial Crimes Commission (EFCC), the Nigeria Customs Service (NCS), and the Nigeria Financial Intelligence Unit (NFIU), to combat foreign exchange (FX) speculation and tackle the issues affecting the country’s economic stability.
The National Security Adviser’s Office, led by Mr Nuhu Ribadu, in collaboration with the Central Bank of Nigeria (CBN), initiated the joint effort.
In a statement on Tuesday, a spokesperson for the NSA office, Mr Zakari Mijinyawa, disclosed that the partnership is set to include coordinated actions with others being carried out by the central bank to halt the FX crisis.
The statement pointed out that the activities of forex speculators, operating both domestically and internationally through different mechanisms, have played a significant role in the Naira’s depreciation, thereby exacerbating inflation and leading to economic instability in Nigeria.
“Recent intelligence reports have highlighted continued illicit activities within the Nigerian foreign exchange market, the ONSA and CBN are therefore embarking on this collaborative approach to tackle these infractions.
“This partnership will involve a coordinated effort with key law enforcement agencies, including the Nigeria Police Force (NPF), the Economic and Financial Crimes Commission (EFCC), the Nigeria Customs Service and the Nigeria Financial Intelligence Unit (NFIU).
