The National Security Adviser, Mallam Nuhu Ribadu has instructed operatives of the Nigeria Police Force, the Economic and Financial Crimes Commission (EFCC), the Nigeria Customs Service, and the Nigeria Financial Intelligence Unit (NFIU), to clamp down on forex market speculators as Naira crashes to N1,800 against the dollar.
Why The Clampdown?
The clamp down on speculators is part of the Tinubu-led government’s effort to safeguard Nigeria’s foreign exchange market and combat their domestic and international activities.
“To reduce the pressure on the naira, the Economic and Financial Crimes Commission (EFCC) has raised a 7,000-man special task force across its 14 zonal commands to clamp down on dollar racketeers,” Ribadu announced. Ribadu’s directive was made through the head of strategic communications for the Office of the National Security Adviser, Zakari Mijinyawa on Tuesday in Abuja.
He commended the CBN’s proactive measures to stabilize the foreign exchange market and stimulate economic activities, while emphasizing that the effectiveness of these initiatives made by the CBN to curb the fall of the Naira has been undermined by the speculators, thereby leading to a further depreciation of the Naira, contributing to inflation and economic instability.
Our Thoughts
The order from the NSA comes barely a day after the EFCC attacked BDC operators in Abuja. In a bid to curtail the plummeting of the Naira, the operatives of the EFCC stormed and arrested Bureau De Change operators in the Capital City, Abuja, and charged them for speculating against the Naira. While this is in a bid to steady the Naira, it comes as a surprise as the National Security Adviser’s duty is far from safeguarding Nigeria’s finances and overseeing the economy.
The National Security Adviser by this action is convinced that monetary maneuvers by BDC operators pose a greater danger than security concerns. As Nigeria grapples with rising insecurity, citizens can be comforted by the fact that at least someone is taking swift action against the true culprits – those elusive currency traders. According to the Joint Action Group; a civil society organization, 2,423 persons had been killed, while 1,872 others had been abducted in the eight months since the Bola Tinubu administration started. There has been no tangible move by the NSA or his office to stem this tide, which is his primary duty.
A former EFCC chief, Nuhu Ribadu came into position as NSA with a lot of goodwill from his days during the Olusegun Obasanjo administration, where he was instrumental in cracking down on corrupt officials, among whom was his boss, Tafa Balogun, the then Inspector General of Police. Ribadu reported directly to then-President Obasanjo which aided the discharge of his duty as EFCC chairman, and his tenure saw a minister fired from office, and three out of 36 governors impeached from office due to pressure from the EFCC.
Ribadu’s second coming to government hasn’t been as eventful as his first, however, since he has abdicated his core duties as NSA which involves him formulating security policies and reporting to the President, it remains to be seen if his directive will be the aid that the Nigerian economy desperately needs at this time.