By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Fresh FM Nigeria| Keeping you fresh all dayFresh FM Nigeria| Keeping you fresh all dayFresh FM Nigeria| Keeping you fresh all day
  • Home
  • News
  • Metro Plus
  • Politics
  • Entertainment
  • Sports
    • Livescores
    • EPL Table & Fixtures
    • LA Liga Table & Fixtures
    • Bundesliga Table & Fixtures
    • Serie A Table & Fixtures
    • Ligue 1 Table & Fixtures
  • Health
  • World
Reading: Ribadu Sets Up Security Force To Fight ‘Dollar Racketeers’ Causing Naira Collapse
Share
Sign In
Notification Show More
Font ResizerAa
Font ResizerAa
Fresh FM Nigeria| Keeping you fresh all dayFresh FM Nigeria| Keeping you fresh all day
  • 102.9 AKURE
  • 104.9FM OSOGBO
  • 105.3 LAGOS
  • 105.9FM IBADAN
  • 106.9FM ADO
  • 107.9 ABEOKUTA
Search
  • Home
  • News
  • Metro Plus
  • Politics
  • Entertainment
  • Sports
    • Livescores
    • EPL Table & Fixtures
    • LA Liga Table & Fixtures
    • Bundesliga Table & Fixtures
    • Serie A Table & Fixtures
    • Ligue 1 Table & Fixtures
  • Health
  • World
Have an existing account? Sign In
Follow US
© 2022 Fresh FM Nigeria. All Rights Reserved.
Fresh FM Nigeria| Keeping you fresh all day > Blog > News > Ribadu Sets Up Security Force To Fight ‘Dollar Racketeers’ Causing Naira Collapse
News

Ribadu Sets Up Security Force To Fight ‘Dollar Racketeers’ Causing Naira Collapse

Fresh News
Last updated: February 20, 2024 4:45 PM
Fresh News
Share
4 Min Read
SHARE

Nuhu Ribadu, the National Security Adviser, has directed law enforcement agencies to take firm measures against anyone engaged in foreign exchange market speculation.

The move, according to the NSA, will safeguard the safety of Nigeria’s foreign exchange market and essentially take tough measures against the actions of speculators.

Mr Ribadu said intelligence reports have revealed that these currency speculators have taken several measures to control the market, domestically or outside the country, thus undermining the proactive measures of the CBN to stabilise the foreign exchange market and stimulate economic activities.

According to a statement issued by his spokesperson, Zakari Mijinyawa, on Tuesday, the Nigeria Police Force, the Economic and Financial Crimes Commission, the Nigeria Customs Service, and the Nigeria Financial Intelligence Unit will work together to crack down on these activities.

The statement said, “In a concerted effort to safeguard Nigeria’s foreign exchange market and combat speculative activities, the Office of the National Security Adviser (ONSA) and the Central Bank of Nigeria (CBN) are joining forces to address challenges impacting the nation’s economic stability.

“The CBN’s proactive measures to stabilise the foreign exchange market and stimulate economic activities have been commendable. However, the effectiveness of these initiatives is being undermined by the activities of speculators, both domestic and international, operating through various channels, thereby exacerbating the depreciation of the Nigerian naira and contributing to inflation and economic instability.”

It added, “Recall that, to address the exchange rate volatility, the CBN initiated a comprehensive strategy to enhance liquidity in the forex market, including unifying FX market segments, clearing outstanding FX obligations, introducing new operational mechanisms for bureau de change operators, enforcing the net open position limit for commercial banks, and adjusting the remunerable Standing Deposit Facility cap.

“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.

“Yet, recent intelligence reports have highlighted continued illicit activities within the Nigerian foreign exchange market, the ONSA and CBN are therefore embarking on this collaborative approach to tackle these infractions.”

The primary objective of the “alliance is to systematically identify, thoroughly investigate and appropriately penalise individuals and organisations involved in wrongful activities within the FX market,” the statement stressed.

“This joint effort underscores the commitment of the Nigerian government to improving its Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) framework and exiting the grey list of the Financial Action Task Force,” noted the statement.

The NSA directive came amid an increased rate of the continued decline of the naira against the U.S. dollar across the official and unofficial markets.

According to data published on the FMDQ website, the naira closed at N1,598.54/$1 in the official market on Monday, compared to N1,537.96 in the previous market on Friday. This represents a 3.94 per cent depreciation from the previous market rate.

Related

You Might Also Like

Agony for Egypt! Joy for Uruguay!

Ex-Imo Gov, Okorocha, Granted N500m bail By Court

BREAKING: Buhari Confers GCON National Award On Ex-CJN, Tanko

Nigeria Part Of Nine Countries To Experience Worsening Hunger – Global Hunger Index Report

German police identify Ekweremadu’s attackers

TAGGED:Dollar - NairaForexNuhu Ribadu

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.

By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Share This Article
Facebook Whatsapp Whatsapp LinkedIn Telegram Copy Link
What do you think?
Love0
Sad0
Happy0
Angry0
Wink0
Surprise0
Previous Article Bill On State Police Moves To Second Reading
Next Article 32 Routes For Smuggling Food Out Of Nigeria Uncovered
Leave a Comment

Stay Connected

235.3kFollowersLike
69.1kFollowersFollow
11.6kFollowersPin
56.4kFollowersFollow
136kSubscribersSubscribe
4.4kFollowersFollow

Latest News

Health Workers Demand Unpaid Salaries, Threaten Imminent Strike
News
May 14, 2025
New Plateau FRSC Commander Launches Campaign To Reduce Road Accidents
News
May 14, 2025
Lagos To Establish Monthly Rent Payment System
News
May 14, 2025
APC Congratulates Gov Adeleke At 65, Says Basiru Ready To Lead Osun
News
May 14, 2025

You Might also Like

News

You Can Get Free Prepaid Meters, Ikeja Electric Tells Customers

March 4, 2022
News

Max Air set to evacuate 560 stranded Nigerians from Egypt

May 4, 2023
News

Magu’s Retirement Benefits May Be Withheld By Police Commission – Official

April 25, 2022
News

Buhari cares less about Nigerians, says PDP

December 27, 2018
//

Fresh FM Nigeria is a commercial radio station operating in Oyo, Lagos, Osun, Ondo, Ekiti, Ogun State and with a reach extending to other parts of Nigeria. It is the brainchild of renowned Entertainer, Yinka Ayefele (MON), and is positioned to promote, complement and revamp the entertainment and lifestyle sphere in Nigeria.

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

Quick Link

  • About
  • Contact
  • Careers
  • Privacy Policy
  • Disclaimer
Fresh FM Nigeria| Keeping you fresh all dayFresh FM Nigeria| Keeping you fresh all day
Follow US
© 2025 Fresh FM Nigeria. All Rights Reserved.
Join Us!
Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?

  • http://stream.zenolive.com/e9x2n97b9uduv
  • Fresh 105.9 FM Ibadan
  • Fresh FM Nigeria
  • http://stream.zenolive.com/qk2ygqywk9duv
  • Fresh 107.9 FM Abeokuta
  • Fresh FM Nigeria
  • https://stream.zeno.fm/4qmtcx9an0quv
  • Fresh 106.9 FM Ekiti
  • Fresh FM Nigeria
  • https://stream.zeno.fm/b54ycnq7cy8uv
  • Fresh 104.9 FM Osogbo
  • Fresh FM Nigeria
  • http://stream.zeno.fm/fgcaapesa78uv
  • Fresh 105.3 FM Lagos
  • Fresh FM Nigeria
  • https://stream.zeno.fm/0ygcnfpta78uv
  • Fresh 102.9 FM Akure
  • Fresh FM Nigeria
No HTML5 audio playback capabilities for this browser. Use Chrome Browser!
ALL RADIO STATIONS
1. Fresh 105.9 FM Ibadan
2. Fresh 107.9 FM Abeokuta
3. Fresh 106.9 FM Ekiti
4. Fresh 104.9 FM Osogbo
5. Fresh 105.3 FM Lagos
6. Fresh 102.9 FM Akure