The Naira is expected to reach a stable and fair exchange rate of N650 to N750 per dollar by the end of 2023, according to the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele.
He made this statement while speaking on Bloomberg on Monday, where he revealed the government’s plan to introduce new foreign exchange rules that will restore the true value of the local currency before December 2023.
The plan will involve a crackdown on illicit currency trading, which has contributed to the wide gap between the official and unofficial rates of the Naira. The government will also clear a backlog of dollar demand that is estimated at about $6.7 billion.
Oyedele said that the new foreign exchange rules will be implemented in a matter of weeks and will have positive results for the economy and the people.
He assured Nigerians that the government is committed to ensuring a stable and realistic exchange rate for the Naira, which will boost confidence and investment in the country.
