In a recent development, the naira has shown significant resilience against the dollar, trading below ₦1500 from its previous position at ₦1900. While reacting to the news, Senator Shehu Sani, a former federal lawmaker representing Kaduna Central, attributed his appreciation to the ongoing efforts by the federal government to stabilise the foreign exchange market by cracking down on illegal forex activities.
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.
