National Security Adviser Nuhu Ribadu has issued directives to law enforcement agencies to crackdown on individuals engaged in foreign exchange market speculation, aiming to curb the steep depreciation of the Nigerian naira.
Ribadu revealed that intelligence reports indicate currency speculators are undermining the Central Bank of Nigeria's efforts to stabilize the forex market and stimulate economic activities.
The Nigeria Police Force, Economic and Financial Crimes Commission, Nigeria Customs Service, and Nigeria Financial Intelligence Unit will collaborate to tackle these activities, focusing on identifying, investigating, and penalizing those involved in wrongful activities within the forex market.
The joint effort seeks to enhance Nigeria's Anti-Money Laundering and Counter Financing of Terrorism framework and exit the grey list of the Financial Action Task Force.
This initiative comes in response to the recent decline of the naira against the U.S. dollar, prompting a comprehensive strategy to address market challenges and safeguard economic stability.
