The Federal Government is set to introduce new rules for the foreign exchange market and also crackdown of illegal trading of currency by the end of 2023.
The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele disclosed this in an interview with Bloomberg, adding that it is hoped that the move would result in the naira closing its more-than-45% gap with the unofficial rate and reaching a “fair price” by year-end.
According to Oyedele, the government also plans to clear a backlog of dollar demand estimated at about $6.7 billion, bolster the naira forward market, and set transparent rules for the operations of the official market.
