Toba Owojaiye Reporting
The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has provided assurance to Nigerians that the ongoing Federal Government initiative to implement new foreign exchange regulations will accurately represent the genuine value of the naira.
He has also mentioned that this plan, encompassing stringent measures against illicit currency trading, will lead to the naira narrowing the gap with unofficial exchange rates and reaching a ‘fair price’ before the conclusion of 2023.
Oyedele, in a recent interview with Bloomberg on Monday, shared that the government has identified a ‘fair price’ for the dollar in the range of ‘N650 to N750’.
Furthermore, Oyedele emphasized that the government intends to establish transparent guidelines for the official foreign exchange market’s operations after clearing a backlog of approximately $6.7 billion in dollar demand.
He stated, ‘The Federal Government is set to implement new foreign exchange regulations, which will include a crackdown on illicit currency trading.’
Over the past six months, the Naira has experienced a significant decline, attributed largely to subsidy removal, the unification of the dollar exchange rate, round-tripping activities, as well as increased transportation and fuel landing prices.
This economic strain has had a pronounced impact on the general population, with the middle class facing erosion, and people are fervently seeking relief, hoping for a return to normalcy.”
