Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, has assured Nigerians that the Federal Government will soon implement new foreign exchange restrictions.
According to Oyedele, the goal of these laws is to appropriately portray the value of the naira.
He also stated that this plan includes efforts to prevent illegal currency trading and is expected to bridge the gap between the official and unofficial exchange rates, eventually attaining a “fair price” for the naira by the end of 2023.
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Oyedele also announced the government’s desire to develop transparent criteria for the official foreign exchange market in an interview with Bloomberg, following the resolution of a significant backlog of around $6.7 billion in dollar demand.
He went on to say, “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.”
Source: business day
