Wunmi Semudara
The Federal Government is set to introduce new foreign exchange rules, including a crackdown on illicit currency trading.
The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, disclosed this during an interview session with the press.
He promised that the ongoing plan by the Federal Government to introduce new foreign exchange rules will reflect the true value of the naira.
This according to him would result in naira closing its gap with the unofficial rate and reaching a “fair price” before the end of 2023.
He said the government sees a “fair price” for the dollar at “N650 to N750”.
Oyedele 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.
