Dollar could settle at N650 to N750 by the end of 2023, according to Taiwo Oyedele.
Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, has stated that the dollar could settle around N650 to N750 by the end of 2023.
According to him, the government considers “N650 to N750” to be a “fair price” for the dollar to Naira.
He said this while assuring Nigerians of the government’s ongoing plan to implement new foreign exchange rules that will restore the local currency’s genuine value by December 2023.
He stated that the plan will entail a crackdown on illegal currency trade, resulting in the naira reducing the gap with the unofficial rate.
Oyedele stated this on Bloomberg on Monday, adding that the government will clear a $6.7 billion backlog of dollar demand.
“the federal government plans to introduce new foreign exchange rules, including a crackdown on illicit currency trading.
“We think all of that will happen before December, and maybe in a matter of a couple of weeks we will begin to see the results…”