ENUGU, Nigeria (VOICE OF NAIJA)- Taiwo Oyedele, the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, says that the dollar could settle at N650 to N750 before the end of 2023.
Oyedele made the revelation in an interview with Bloomberg on Monday, 30 October, noting that the government sees a “fair price” for the dollar to Naira at “N650 to N750”.
He assured Nigerians of an ongoing plan by the Federal Government of Nigeria to introduce new foreign exchange rules which will make the local currency regain true value before December 2023.
Oyedele added that the plan would include a crackdown on illicit currency trading and would result in naira closing its gap with the unofficial rate. He said that the government will clear a backlog of dollar demand estimated at about $6.7bn.
“The government plans to introduce new foreign exchange rules, including a crackdown on illicit currency trading. We think all of that will happen before December, and maybe in a matter of a couple of weeks we will begin to see the results”, he said.