The Nigerian currency, the naira, has been suffering deficiency against the major Forex commodity, US dollar, as a result of scarcities which evolved from the low crude oil price.
Many actions have been put in place to appreciate the price of crude oil, yet the naira continues to weaken despite it strengthening in the last week of February 2016.
New developments have shown that problems facing the naira are beyond the crude oil price, which majorly rose from the power of manipulation exerted on the Forex market by banks; Central Bank of Nigeria (CBN) and Bureau De Change (BDC), among other factors.
The Minister of Justice and Attorney General of the Federation, Abubakar Malami (SAN) disclosed that proper information has been gathered by the Federal Government about the illegal activities in the Forex market that some individuals and bodies are using to frustrate the value of the naira to achieve selfish ambitions.
He further explained that the Economic and Financial Crime Commission, (EFCC) has been instructed to start investigations on the matter in order to put the culprits into judgment under law.
While addressing the press over the decision made by the government in Abuja, he said that the present administration which stands on zero tolerance of any form of corruption or wasteful attitude towards the “cake of the nation” will not spare any organization, group of people or any individual caught guilty over the falling situation of naira.
In his words, “severe punishments are awaiting the culprits that will be exposed by EFCC without any delay, as this situation is even worse than terrorism in the country”. He emphasized how the selfish ambitions of businessmen adds hardship to people displaced by insurgents, as there are little resources left for them to be capable of feeding their children, themselves, or continuing life anymore, this is only exacerbated by the falling price of the naira.