The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has given his assurances to the Nigerian public concerning that the Federal Government’s upcoming implementation of new foreign exchange regulations will improve naira’s value.
Oyedele emphasized that these regulations are designed to provide a precise representation of the naira’s value.
He added that the plan includes measures to address illicit currency trading and is expected to narrow the gap between the official exchange rate and the unofficial one, ultimately achieving a “fair price” for the naira by the close of 2023.
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The government’s target for a “fair price” for the dollar is within the range of N650 to N750.
“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,” Oyedele disclosed in an interview with Bloomberg.
He revealed that government intend 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.