FG will go after forex saboteurs – Minister

The Minister of Information and National Orientation, Mohammed Idris, has said that the federal government would go after individuals and organisations involved in illegal activities and sabotage within the forex market. This is as he said that critical reforms and policies of President Bola Ahmed Tinubu, particularly the petrol subsidy removal and unified exchange rate […]

The Minister of Information and National Orientation, Mohammed Idris, has said that the federal government would go after individuals and organisations involved in illegal activities and sabotage within the forex market.

This is as he said that critical reforms and policies of President Bola Ahmed Tinubu, particularly the petrol subsidy removal and unified exchange rate geared towards economic prosperity of the country were beginning to yield results.

Idris, in a statement yesterday, noted that the Central Bank of Nigeria (CBN) had been proactive, initiating a comprehensive strategy to enhance liquidity in the forex market, adding that saboteurs were, however, hell-bent on sabotaging such efforts.

“In addition to unifying the rates, the bank has also cleared a significant amount of outstanding forex obligations and outlined new operational mechanisms for commercial banks, Bureau De Change (BDC) operators and International Money Transfer Operators (IMTOs).

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“It is heartwarming to note that we are starting to see the results. Indeed, the naira is stabilising and the foreign exchange market is seeing a surge of inflows. The latest National Bureau of Statistics (NBS) figures show that capital importation into Nigeria rose by over 66 per cent in Q4 2023, compared with the preceding quarter. The CBN governor has also highlighted the fact that $1.8billion flowed into the forex market last week on the back of the new reforms.

He said CBN’s effort to reform and sanitise a system entrenched in long-term malpractice had been met with “ferocious resistance from speculators and other unscrupulous players within and outside our country who profit from dysfunction and opacity.”

“To tackle this, regulatory and enforcement agencies of government have been working round the clock in the past few days, joining forces to address these efforts at undermining the reforms. That strategic alliance has led to the intelligence-led identification, investigation and sanctioning of individuals and organisations involved in illegal activities and sabotage within the forex market.”