“Fed Govt Cracks Down on Forex Speculation as Naira Hits N1,900 Per Dollar”

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By Daniel Edu

In a bid to address the foreign exchange crisis, the Nigerian government has declared war on currency speculation, directing the Office of the National Security Adviser (ONSA) and the Central Bank of Nigeria (CBN) to collaborate in tackling the challenges posed by speculative Forex activities. Additionally, the government has mobilized security agencies such as the Nigeria Police, the Economic and Financial Crimes Commission (EFCC), the Nigeria Customs Service (NCS), and the Nigerian Financial Intelligence Unit (NFIU) to address the issue.

President Bola Tinubu hinted at plans to raise approximately $10 billion to enhance Forex liquidity, a crucial factor in stabilizing the naira and fostering economic growth. Despite the naira’s recent decline in the parallel market, closing at N1,900 to a dollar, Tinubu emphasized his commitment to creating millions of jobs by unlocking value in Nigeria’s public assets, aiming to optimize and double the country’s Gross Domestic Product (GDP).

At the Public Wealth Management Conference organized by the Ministry of Finance Incorporate (MOFI), Vice President Kashim Shetima, representing President Tinubu, highlighted the government’s focus on consolidating and maximizing returns on government-owned assets as a strategic approach to economic revitalization. The President’s plan involves raising $10 billion to boost Forex liquidity, aiming to stabilize the naira.

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