Taiwo Oyedele, the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, has given assurance to the Nigerian public regarding the Federal Government’s forthcoming implementation of new foreign exchange regulations.
Oyedele expressed that these regulations aim to accurately represent the value of the naira.
He further mentioned that this plan includes measures to combat illegal currency trading and is anticipated to bridge the gap between the official exchange rate and the unofficial one, ultimately achieving a “fair price” for the naira by the end of 2023.
He specified that the government’s target for a “fair price” for the dollar falls within the range of N650 to N750.
During an interview with Bloomberg, Oyedele also revealed the government’s intention to establish transparent guidelines for the official foreign exchange market, following the resolution of a substantial backlog of approximately $6.7 billion in dollar demand.
He said, “The Federal Government plans to introduce new foreign exchange rules, the federal government plans to introduce new foreign exchange rules, including a crackdown on illicit currency trading.”