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NSA, CBN Collaborate to Curb Forex Speculation

The Office of the National Security Adviser (ONSA) has announced a collaborative effort with the Central Bank of Nigeria (CBN) aimed at addressing speculative activities in the foreign exchange market.

Zakari Mijinyawa, the head of strategic communication at the Office of the National Security Adviser, revealed that recent intelligence reports have underscored ongoing illicit activities within Nigeria’s forex market, despite efforts by the central bank to maintain stability.

In response to these concerns, the ONSA and CBN are joining forces to tackle these infractions through a coordinated approach. This partnership will involve close cooperation 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).

The joint initiative aims to sanitize the forex market and ensure its stability and transparency. By fostering investor confidence and promoting a level playing field, the collaboration seeks to contribute to the nation’s economic well-being.

The announcement reflects the government’s commitment to addressing challenges within the financial sector and enhancing regulatory mechanisms to prevent malpractices. As Nigeria navigates economic uncertainties, initiatives such as this collaboration between the ONSA and CBN are crucial for maintaining financial integrity and promoting sustainable growth.

The partnership signals a proactive approach towards addressing issues that undermine the stability of the forex market, underscoring the importance of effective regulatory oversight and inter-agency cooperation in safeguarding the nation’s economic interests.

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