The Minister of Information and National Orientation, Mohammed Idris has disclosed that the government has been working round the clock in the past few days to identify, investigate and sanction those involved in illegal activities and sabotage within the forex market.
Idris, who stated this in a statement on Friday, said that the government’s effort is yielding results as the naira is stabilizing, and the foreign exchange market is seeing a surge of inflows.
The minister said that the government will not allow its efforts to be jeopardised, noting that the removal of the petrol subsidy was one policy decision that all the three major candidates agreed on in their campaign messages.
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He, however, stated that it was mystifying to see people who had argued stridently for the removal of subsidy now pretending to be against it, noting that such insincerity does not bode well for the country.
Idris stressed that the government was not under any illusion that the policies are silver bullets, or that nothing else is required.
“As respected economists and experts have acknowledged, these foundational reforms will be difficult and painful for Nigerians in the short-term.
“The problems that we are solving are no doubt multifaceted, intertwined, and deep-rooted, requiring creative, strategic, decisive, and multi-pronged solutions. These bold moves being implemented are in full alignment with what is required.
“It is heartwarming to note that we are starting to see the results. Indeed, the naira is stabilizing, and the foreign exchange market is seeing a surge of inflows.
“Sadly, as with any effort to reform and sanitise a system entrenched in long-term malpractice, the CBN’s efforts have 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 the 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,” he said.