Naira set to reclaim true value by December 2023 – Oyedele

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Naira set to reclaim true value by December 2023 - Oyedele
Naira set to reclaim true value by December 2023 - Oyedele

Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, has reassured Nigerians that the forthcoming implementation of new foreign exchange regulations by the Federal Government will accurately represent the actual value of the naira.

Oyedele disclosed that this plan, which includes efforts to combat illegal currency trading, aims to narrow the gap between the official and unofficial exchange rates, ultimately reaching what he termed a “fair price” by the end of 2023.

According to Oyedele, the government’s vision of a “fair price” for the dollar stands at “N650 to N750.”

Speaking during an interview with Bloomberg on Monday, Oyedele also emphasized that the government intends to establish transparent regulations governing operations in the official forex market, particularly after clearing a backlog of dollar demand estimated at approximately $6.7 billion.

He remarked, “The Federal Government plans to introduce new foreign exchange rules, including a crackdown on illicit currency trading.”

This move signifies the government’s dedication to addressing forex-related issues and enhancing the stability of the nation’s currency.