Taiwo Oyedele Says Dollar Will Reach N650 to N750 By The End Of 2023

The Presidential Committee on Fiscal Policy and Tax Reforms’ Chairman, Taiwo Oyedele, has predicted that the naira will trade at N650 to N750 per dollar by the end of 2023.

He said the government is working on new foreign exchange rules that will make the naira more reflective of its true value and close the gap with the parallel market rate.

He said the new rules will include a crackdown on illegal currency trading and clearing a backlog of dollar demand worth about $6.7 billion.

He made these remarks on Bloomberg on Monday, saying that the government believes that N650 to N750 is a “fair price” for the dollar to naira exchange.

“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.