https://nairametrics.com/2024/05/15/forex-crisis-sec-efcc-target-virtual-manipulators-in-new-collaboration/ Destination for Business news and analysis from Africa's largest economy Thu, 16 May 2024 16:57:02 +0000 hourly 1 https://wordpress.org/?v=6.5.3 https://nairametrics.com/2024/05/15/forex-crisis-sec-efcc-target-virtual-manipulators-in-new-collaboration/#comment-762465 Thu, 16 May 2024 16:57:02 +0000 https://nairametrics.com/?p=488969#comment-762465 Although I believe the fight against virtual bad actors is a very good one, I also believe that trying to single them out for the current fluctuations in naira value might be tantamount to an over simplification of the problem at hand. In recent memory, major devaluations of the naira began in 2014 / 2015 from a value of about NGN 200 to the dollar to NGN 360 to the dollar in one fell swoop, and this trend has continued unabated over recent years down to where we are today. We’ve also learned from reliable sources that disbursement of federal allocation to states seem to coincide with major demands for forex at parallel markets to mention but a few. My point is that we need to start seeing prosecutions and convictions of these bad actors, especially the high profile ones and those performing large transactions in order to serve as proper deterrence. But more importantly and sustainably, the finance ministry of the government needs to rework, monitor and drive the implementation of the right economic and fiscal policies necessary to revamp the economic output and productivity of all sectors of the economy.

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