- He mentioned that this plan encompasses a crackdown on unlawful currency trading
- This action is expected to narrow the gap between the official and unofficial naira exchange rates, ultimately reaching a “fair price” by the conclusion of 2023
Taiwo Oyedele, the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, has provided assurance to the Nigerian public.
He has stated that the Federal Government’s current efforts to implement new foreign exchange regulations will accurately represent the naira’s real value.
Furthermore, he mentioned that this plan encompasses a crackdown on unlawful currency trading. This action is expected to narrow the gap between the official and unofficial naira exchange rates, ultimately reaching a “fair price” by the conclusion 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.”
Oyedele said the divergence between the official and parallel market rates “means you are sucking liquidity and supply from the official market to the parallel market, because everyone wants the premium”.