Nigerians have been reassured by the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, that the Federal Government’s current proposal to enact new foreign exchange regulations will accurately represent the value of the naira.
The PUNCH quoted him to have said that by the end of 2023, the naira will have closed the difference with the unofficial rate and reached a “fair price” as a result of the strategy, which included a crackdown on illicit currency transactions.
He said the government considers “N650 to N750” to be the “fair price” for the dollar.
After clearing a backlog of dollar demand estimated to be worth roughly $6.7 billion, Oyedele continued in a Monday interview with Bloomberg that the government will establish open guidelines for the official market’s activities.
The federal government intends to implement new foreign exchange regulations, including a crackdown on illicit currency transactions, he declared.