Taiwo Oyedele.
Taiwo Oyedele, the head of the Presidential Committee on Fiscal Policy and Tax Reforms, has suggested that the dollar may stabilize within the range of N650 to N750 by the conclusion of 2023.
During an interview with Bloomberg on Monday, October 30, Oyedele stated that the government envisions a “reasonable exchange rate” for the dollar to the Naira between “N650 to N750.” He provided reassurance to Nigerians regarding an ongoing government initiative to implement new foreign exchange regulations, aimed at restoring the true value of the local currency before December 2023.
“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. He said.
He further elaborated on the plan, which involves cracking down on illegal currency trading, ultimately reducing the disparity between the official and unofficial exchange rates. He indicated that the government intends to address a backlog of approximately $6.7 billion in outstanding dollar demand.