Expert Predicts Dollar could Reach N650 to N750 by 2023

The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has made a prediction that the value of the dollar could stabilize at N650 to N750 by the end of 2023.

Oyedele mentioned that the government considers a “fair price” for the dollar to Naira exchange rate to be within the range of N650 to N750.

During an interview on Bloomberg, he assured Nigerians that the government is working on implementing new foreign exchange regulations aimed at restoring the true value of the local currency before December 2023.

As part of this plan, Oyedele stated that the government will clamp down on illegal currency trading, resulting in the naira closing the gap with the unofficial exchange rate.

Furthermore, he mentioned that the government aims to address a backlog of approximately $6.7 billion in dollar demand.

“The federal government is planning to introduce new foreign exchange rules, which will include cracking down on illicit currency trading. We anticipate that all of these measures will be implemented before December, and we may start seeing results in a few weeks,” said Oyedele.