Investigate, Prosecute Those Behind Forex Crisis, AGF Tells EFCC

IN a bid to stabilise the exchange rate of the naira against major foreign currencies in the foreign exchange market, the Federal Government has mandated the Economic and Financial Crimes Commission (EFCC) and other security agencies to investigate and identify and prosecute those behind the crisis experienced in the foreign exchange operations.
The Attorney-General of the Federation (AGF) and Minister of Justice, Abubakar Malami, who disclosed this to newsmen on Wednesday, blamed the current state of the naira on the activities of unscrupulous elements, whom he said were hiding under the cloak of “market forces” to deliberately undermine the national currency.


According to him, “certain forces have now aligned to create an artificial currency situation, whose primary purpose is to undermine the economic programme of the Muhammadu Buhari-led administration.
Those targeted in the investigation included regulatory agencies, businessmen and Bureau De Change operators, some of whom he alleged had been sabotaging the economic agenda of the government.
The AGF said the government could not afford to allow such a situation anchored on unlawful alliance and criminal enterprise to continue unchecked, when it was apparent that its primary objective was to sabotage the economic agenda of the government.

He disclosed that certain elements within some strategic national institutions, who rather than exert their regulatory powers, had chosen to use their strong accomplices within the system to manipulate the foreign exchange market for personal corrupt gains and to the detriment of the national economy.
“Let me restate in the strongest terms, that these neferous malpractices by unscrupulous individuals and institutions will no longer be tolerated,” the AGF stated, adding also that measures were already in place to deal with infractions decively, as relevant security agencies were on red alert to investigate these infractions and appropriate sanctions shall follow accordingly.

The Chief Law Officer of the federation said: “We are witnessing manipulative, coordinated and speculative activities in the foreign exchange market, leading to the current wide deferential between official rate at the Central Bank of Nigeria and the parallel market rate, respectively, in a manner that defies rational economic analysis.”

The minister explained further that these nefarious speculative activities exert further pressure on the naira exchange rate and had created a very wide artificial deferential between the aforesaid two rates, which were now being exploited by unscrupulous individuals and institutions.
He maintained that the activities of those behind the foreign exchange crisis amounted to economic terrorism and that anybody indicted, must be brought to book.
Tribune.