‘New FX Rules to Strengthen Naira, Regain Value in December’

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.

He also said the plan which would include a crackdown on illicit currency trading, would result in naira closing its gap with the unofficial rate and reaching a “fair price” before the end of 2023.

According to him, the government sees a “fair price” for the dollar at “N650 to N750”.

Oyedele, speaking in an interview with Bloomberg on Monday, added that the government would set transparent rules for the operations of the official market after clearing a backlog of dollar demand estimated at about $6.7bn.

He said, “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.”