Shehu Sani Responds As Dollar Crashes Against Naira, Says Onslaught on FX Dealers Proved Effective

The naira has recently demonstrated remarkable resistance to the dollar, moving from its prior level of ₦1900 to below ₦15,000. Senator Shehu Sani, a former federal legislator from Kaduna Central, expressed his gratitude for the federal government’s continued efforts to stabilize the foreign currency market by clamping down on illicit FX activity, while responding to the news. CONTINUE FULL READING>>>>>

Senator Sani also suggested that sustaining this progress will require more than just temporary measures. He emphasises the need for a comprehensive strategy to address the underlying issues that have contributed to the Naira’s instability.

The former federal lawmaker made the statement on his social media handle on the X platform, formerly known as Twitter, on Sunday afternoon, where he stated that “The onslaught against Forex dealers by security agencies has actually helped in preventing the total collapse of the naira. How this can be sustained is another matter.”

Recall that Punch reported that operatives of the Economic and Financial Crimes Commission (EFCC) have launched a massive crackdown on illegal forex speculators, such as unregistered Bereau De Change (BDC) operators and cryptocurrency platforms. CONTINUE FULL READING>>>>>