Dollar Expected to Stabilize Between N650 to N750 by End of 2023, Says Fiscal Policy Committee Chairman

Taiwo Oyedele has assured Nigerians that dollar could settle at N650 to N750 before the end of 2023.

Oyedele is the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms.

In an interview with Bloomberg on Monday, October 30, Oyedele said the government sees a “fair price” for the dollar to Naira at “N650 to N750”.

He assured Nigerians of an ongoing plan by the government to introduce new foreign exchange rules which will make the local currency regain true value before December 2023.

Oyedele added that the plan would include a crackdown on illicit currency trading and would result in naira closing its gap with the unofficial rate. He said that the government will clear a backlog of dollar demand estimated at about $6.7bn.

“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.”