FG targets N650/$ FX rate
By Patience Ikpeme
The federal government has set a target for the Naira to be exchanged at a rate of N650 to the dollar by December this year.
Taiwo Oyedele, who is a financial expert and the Chairman of the Presidential Fiscal Policy and Tax Reform Committee, has predicted that the true value of the Naira will be reflected by the end of the year.
He explained that the government plans to introduce new regulations in the foreign exchange market to crack down on illegal currency trading and resolve the backlog of dollar demand.
These efforts he said aim to help the Naira reach a “fair price” of N650-750 to the dollar.
Furthermore, the government’s objective is to expand the official market to include all legitimate transactions and eradicate the illicit black market for foreign currency.
Oyedele shared these insights during an interview with Bloomberg in South Africa, as well as during a presentation at the African Tax Administration Forum (ATAF) meeting.
He emphasized the significance of African countries establishing a resilient tax system that can adapt to the ever-changing global economic landscape.
Oyedele outlined several key approaches to achieving this, such as implementing modernization and technology, as well as aligning tax policies with global economic changes.
He highlighted that a strong and adaptable tax system is crucial for a continent’s economic resilience and sustainable growth.
