Federal Government Aims for Naira to Exchange at N650 to a Dollar Before December 2023

By Admin

The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has affirmed the Federal Government’s commitment to bringing about significant changes in the foreign exchange landscape, aiming to reflect the true value of the Nigerian Naira.

Oyedele revealed that the government’s comprehensive plan encompasses measures to tackle illicit currency trading and bridge the gap between the official and unofficial exchange rates.

The ultimate goal is to stabilize the Naira at what is deemed a “fair price” before the end of 2023.

In an interview with Bloomberg on Monday, Oyedele expressed his vision of a “fair price” for the dollar at a range between N650 to N750.

This ambitious target represents a significant shift from the current exchange rates and is set to have far-reaching implications for the Nigerian economy.

Moreover, the government is focused on establishing clear and transparent regulations for the functioning of the official foreign exchange market. This comes in the wake of efforts to clear a substantial backlog of dollar demand, estimated at approximately $6.7 billion.

“The Federal Government plans to introduce new foreign exchange rules, including a crackdown on illicit currency trading,” Oyedele stated, emphasizing the government’s resolve to implement these changes to ensure the stability and reliability of Nigeria’s currency market.

These proposed reforms are expected to be closely monitored and scrutinized in the coming months as the government strives to achieve its objectives in the realm of foreign exchange policy and the Naira’s value against the dollar.