Financial fraud has become a significant challenge in Nigeria's currency operations, posing risks to the country's economic stability, trust in financial institutions, and overall financial ecosystem. This paper develops a comprehensive framework for effective risk management strategies to mitigate financial fraud within Nigeria's currency operations. The framework integrates technological, organizational, and policy-oriented interventions to address existing vulnerabilities. The study identifies key fraud typologies, including counterfeit currency production, cyber-enabled financial crimes, money laundering, and insider collusion, while examining their root causes and contributing factors such as weak regulatory enforcement, outdated technology, and a lack of financial literacy among stakeholders. The proposed framework adopts a multi-layered approach comprising preventive, detective, and responsive strategies. Preventive measures emphasize the adoption of advanced technologies such as artificial intelligence (AI), blockchain, and machine learning for real-time fraud detection and enhanced transactional security. Detective strategies focus on leveraging data analytics and financial intelligence systems to monitor suspicious activities and flag anomalies. Responsive strategies include robust fraud investigation mechanisms, collaboration among financial institutions, regulatory authorities, and law enforcement agencies, and the establishment of a centralized fraud database to enhance information sharing. Furthermore, the framework highlights the critical role of regulatory policies in fostering compliance, promoting transparency, and establishing accountability. It also underscores the importance of public-private partnerships (PPPs) to drive the adoption of innovative solutions and improve the resilience of currency operations. The study employs a mixed-methods approach, combining quantitative analysis of financial fraud cases with qualitative insights from key stakeholders in the financial sector. Findings reveal that implementing a holistic risk management framework significantly reduces fraud incidents and improves the efficiency of Nigeria's currency operations. The paper concludes by recommending policy reforms, continuous capacity building for stakeholders, and investments in technology-driven solutions to sustain progress. The framework provides a scalable model for other developing economies facing similar financial fraud challenges.