With the constant rise of the dollar against the naira, Nigerians are becoming more and more troubled.
Businessmen, importers of raw materials, and students abroad are experiencing pain over the constant rise of the exchange rate.
The Central Bank of Nigeria (CBN) is getting frustrated, having implemented a catalogue of policies that should have worked but have been failing.
To this end, the CBN has taken a drastic decision to nip the situation in the bud.
The National Security Adviser (NSA) and the Central Bank of Nigeria (CBN) have initiated a joint effort to combat speculative activities in the foreign exchange market.
Have You Read: CBN Focusing On FX Market To Improve Economy – Cardoso
Head of Strategic Communication, ONSA, Zakari Mijinyawa, announced on Tuesday.
Other Participants In CBN Joint Task Force
To tackle this menace and stabilise the nation’s foreign exchange the Economic and Financial Crisis Commission (EFCC) has been co-opted into the plan.
Also, joining this move are Nigeria Customs Service, and the Nigeria Financial Intelligence Unit (NFIU).
According to the CBN, a 7,000-man special task force had been set up by the EFCC to solve this problem.
Sadly, the efforts of the task force are being sabotaged by speculators operating domestically and internationally.
You May Also Like: See When CBN’s Cardoso Says Naira Will Stabilise Against Dollar
It further blamed the continuous depreciation of the naira on the attitude of racketeers.
The Apex bank stated that the objective of the new joint task force is very simple.
They are to identify, investigate and penalise individuals and organisations involved in wrongful activities within the FX market.
