Currency speculators sabotaging government efforts salvaging the Naira, says Information Minister

Kunle Sanni

The federal government has stated that the Central Bank of Nigeria (CBN) is facing strong opposition from speculators who are trying to profit from the foreign exchange (FX) market reforms.

Mohammed Idris, minister of information and national orientation, who made this known in a statement on Friday said the efforts by the apex bank are being met with fierce resistance from speculators with intentions to make profit out of the system.

Since assuming office in May last year, President Bola Tinubu has implemented various economic policies aimed at strengthening the naira. These policies include the unification of the naira and a recent deal worth $3.3 billion between the Nigerian National Petroleum Corporation Limited (NNPCL) and AFRIXIM bank in Morocco for the cash for oil.

On its part, the CBN announced on February 1, 2024, that the allowable limit of exchange rate quoted by international money transfer operators (IMTOs) has been removed to boost liquidity through the willing seller, willing buyer model.

While many Nigerians have regarded the deal as welcoming as an attempt to salvage the declining rate of the naira against the dollar, others have called for transparency from the federal government.

In reaction, Idris assured that the relevant regulatory agencies have been working round the clock to resolve and address these efforts at undermining the reforms.

“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 organizations involved in illegal activities and sabotage within the forex market.

“Relevant regulatory and security agencies have been directed to remain vigilant to ensure that malpractices capable of undermining our currency are averted and that those engaged in these acts are brought to book. The government will not allow its efforts to be jeopardised.

“The emerging stability of the naira is in the interest of all Nigerians.  Nigerians should rest assured that the government will continue to take further steps to stabilize the naira and safeguard our economy.

“We will continue to seek the patience and understanding of Nigerians as we push through these difficult times, into a season of abundant benefits and truly renewed Hope. As the President never fails to emphasize, these headwinds we are facing are only temporary, and, collectively, we will surely overcome.

“The President and his team are and will remain resolutely committed and focused on the task of bringing immediate relief and enduring prosperity to all Nigerians.