By Wilson Adekumola
Chairman, the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has disclosed that Federal Government plans to introduce new foreign exchange rules that crackdown on illicit currency trading so that dollar could settle at N650 to N750 before the end of 2023.
Oyedele made this disclosure when he appeared on Bloomberg on Monday, saying 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 government to introduce new foreign exchange rules which will make the local currency regain true value before December 2023.
He identified the plan to include a crackdown on illicit currency trading and would result in naira closing its gap with the unofficial rate.
Oyedele added that the government will clear a backlog of dollar demand estimated at about $6.7bn.
“The Federal 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…”
