Finance

Naira to regain true value before December 2023 says Oyedele

Naira to regain true value before December 2023

The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has assured Nigerians that the ongoing plan by the Federal Government to introduce new foreign exchange rules will reflect the true value of the naira.

Read:  Titan Trust Bank appoints Amray as new CEO

He also said the plan which would include a crackdown on illicit currency trading, would result in naira closing its gap with the unofficial rate and reaching a “fair price” before the end of 2023.

According to him, the government sees a “fair price” for the dollar at “N650 to N750”.

Read:  CBN Communique 146 of Monetary Policy Committee Meeting held January 2023

Oyedele, speaking in an interview with Bloomberg on Monday, 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.

Read:  MultiChoice appoints Chief Operating Officer

He said, “The Federal Government plans to introduce new foreign exchange rules, the federal government plans to introduce new foreign exchange rules, including a crackdown on illicit currency trading.”

Punch

Related posts

Legal giants knock Emefiele for disrespecting Supreme Court

NigGal

Nigeria, others to benefit from Afreximbank $3bn payment settlement system

NigGal

CBN, MBA and Investors

NigGal

Oil imports gulped $1.32bn in 2020, says CBN

NigGal

NEM insurance records N5.08bn profit

NigGal

Road to N500b recapitalisation: Bank owners lobby, seek adjustment in share capital composition

NigGal

Leave a Comment