The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has assured Nigerians that the ongoing plan by the Federal Government to introduce new foreign exchange rules will reflect the true value of the naira.
According to him, the government sees a “fair price” for the dollar at “N650 to N750”.
Oyedele made this known in an interview with Bloomberg on Monday.
He said the government would set transparent rules for the operations of the official market after clearing a backlog of dollar demand estimated at about $6.7 billion.
Part of the plan, according to him, would include a crackdown on illicit currency trading, which would result in naira closing its gap with the unofficial rate and reaching a “fair price” before the end of 2023.
“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 said.
“We think all of that will happen before December and maybe in a couple of weeks, we will begin to see the results such that before the end of the calendar year, naira should find its true value, not the one that is being done currently in the parallel market.”