He, however, said that the government was not under any
illusion that the policies are silver bullets, or that nothing else is
required.
Stressing that the government will not allow its efforts to
be jeopardised, the minister said regulatory and enforcement agencies have 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.
“As respected economists and experts have acknowledged,
these foundational reforms will be difficult and painful for Nigerians in the
short-term,” the Minister said in a statement he signed and made available to
journalists in Abuja on Friday.
“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
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.”
